The U.S. Federal Reserve on Wednesday said it would keep buying $85 billion in bonds per month and gave no explicit indication that it was close to scaling back the program, despite intense market speculation it could soon start drawing it to a close. Full Article | Instant view
Asian stocks to lead the way to year's end, Fed seen pulling back - Reuters Poll. Full Article
Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
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