The Great Debate (India)
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 has 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 winning design, pulled from a shortlist of five, came from a post-graduate student who won $5,000.
The Indian rupee will soon get its own unique symbol, joining the dollar, pound sterling, euro and the yen as international currencies with an identity that is instantly recognizable worldwide.
Five designs had been shortlisted by the government following an all-India contest and media reports suggest the Cabinet will choose the winning entry (from the following five) this week.