Reuters | July 15 | 07:48 EDT
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. Share your views on the new rupee design.