The Rupee will soon have a symbol to represent it like the Dollar $ or the Euro € or the Pound £ do.
The Cabinet is expected to give its nod to the numerical representation for the Indian rupee that could be the Hindi alphabet R with two lines.
In fact, the government had organized a symbol design competition with a prize money of Rs 2.5 lakh. So far, five designs have been shortlisted from a competition and all new notes will bear the design finally approved.
The growing influence of the Indian economy in the global space is said to have prompted this move that will result in the Indian rupee joining the select club of global currencies like the US dollar, the British Pound, European Euro and Japanese Yen that have unique symbols.
"In the ensuing year, we intend to formalize a symbol for the Indian rupee, which reflects and captures the Indian ethos and culture," Finance Minister Pranab Mukherjee announced in his Budget speech in Parliament.
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