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)
Trending On Reuters
Thousands of Nepalese huddled under tents and sought scarce food and medical supplies on Monday, two days after a massive quake killed more than 3,200 people and overwhelmed authorities. Full Article | Slideshow
- Quake warnings of minutes, not hours, are possible, but pricey
- UNICEF says nearly a million children "severely affected" in Nepal
- Factbox - Foreigners in Nepal at time of deadly earthquake
- "Demons on the mountain"; survivors recall avalanche terror
- In Kathmandu Valley, quake-hit Nepalis fend for themselves