Rupee gets symbol on par with dollar, pound
MUMBAI (Reuters) - The rupee has achieved parity with major currencies such as the dollar, euro, pound sterling and yen in one respect: it now has its own symbol.
India's cabinet on Thursday approved the adoption of the new symbol after holding a competition that drew more than 3,000 entries, which were evaluated by a deputy governor of the Reserve Bank of India as well as artists and designers.
The new symbol, an amalgam of the devanagari script of the Hindi language and the Roman letter "R", "reflects and captures the Indian ethos and culture", the cabinet said in a statement.
"The symbol for the rupee would lend a distinctive character and identity to the currency," it said, and better distinguish the currency from countries that also have the rupee or rupiah, including Nepal, Sri Lanka and Indonesia.
The winning design, pulled from a shortlist of five, came from a post-graduate student who won $5,000.
(Reporting by Tony Munroe and Rina Chandran; Editing by Ranjit Gangadharan)
(For more business news on Reuters India click in.reuters.com)
- Tweet this
- Share this
- Digg this
- Justin Bieber apologizes after Japan shrine visit sparks Asian anger
- UPDATE 1-S.Korean prosecutors raid family home of ill-fated ferry's owner
- Led Zeppelin is back with 'Whole Lotta' unreleased tunes
- GLOBAL MARKETS-Share rally peters out, euro lifted by PMI boost
- Children's corpses reveal desperate attempts to escape Korean ferry
India and its South Asian neighbours are expected to see below average to average rains this year if the El Nino weather pattern gains strength during the four-month monsoon season, a forum of weather experts said. Read