India's new rupee symbol unveiled

By Andrew Buncombe, Asia Correspondent
Friday, 16 July 2010 Independent UK

The winning design for the new graphic symbol of India's rupee
India has finally got a symbol for its currency, the rupee. The government announced it had selected one of five short-listed designs it hopes will become as recognisable as the shorthand for the dollar, the yen and the euro.

"It denotes the robustness of the Indian economy," said information minister Ambika Soni, as he revealed the winning design, a cross between the Roman letter R and its Hindi equivalent. Last year, in a move that experts said underscored India's increasing global economic ambitions, the government invited entries for a contest to come up with a globally recognisable sign for the currency. Normally the rupee is designated by R or INR. Officials hope the rupee could become more important for international trading. The winning entry was submitted by D Udaya Kumar, a teacher of design at the Indian Institute of Technology. He will receive a prize of $5,350 (£3,500).