Indian rupee joins international currency; to have own symbol

New Delhi, Jul 15 (PTI) In a momentous occasion, the
Indian rupee on Thursday joined the exclusive club of
international currencies like the US dollar and the British
pound and will have a globally recognisable symbol -- a blend
of the Devanagari 'Ra' and Roman 'R'.
"We are happy that Indian currency, Rupee, has today
joined the exclusive club of international currencies, which
have their own special symbols," Finance Minister Pranab
Mukherjee said shortly after a decision by the Union Cabinet
to this effect. After dollar, pound, yen and euro, rupee would
be the fifth currency to have distinct symbol.
"Now, India's currency will be having a distinct
identity, which will be internationally recognised at par with
other international currencies like dollar (US), Pound (UK)
and Yen (Japanese currency)," he said.
The new symbol, designed by Bombay IIT post-graduate D
Udaya Kumar, was approved by the Cabinet on Thursday --
reflecting that the Indian currency, backed by an
over-trillion dollar economy, was finally making its presence
felt on the international scene.
"My design is based on the tricolour, with two lines
at the top and white space in between. I want our flag to fly
high," Kumar said, adding he was becoming a part of history.
"It's a big statement on the Indian currency... The
symbol would lend a distinctive character and identity to the
currency and further highlight the strength and global face of
the Indian economy," Information and Broadcasting Minister
Ambika Soni told reporters after the cabinet meeting.
The development comes amid India's emergence as the
second fastest growing economy in the world after China and
the country being fancied as one of the most attractive
investment destinations.
This is at a time when the developed Europe is fighting
the effects of recession and America focusing on bringing back
the economy on rail after the 2008 financial crisis.
Though the symbol will not be printed or embossed on
currency notes or coins, it would be included in the 'Unicode
Standard' and major scripts of the world to ensure that it is
easily displayed and printed in the electronic and print
media.
Among currencies with distinctive identities, only the
pound sterling has its symbol printed on the notes.
Unicode is an international standard that allows text
data to be interchanged globally without conflict. After
incorporation in the global and Indian codes, the symbol would
be used by all individuals and entities within and outside the
country. MORE RKL
RBT


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