New symbol gives rupee elite status

In mid-July, the Indian government announced the Indian rupee would have a new symbol. Designed as a combination of the Sanskrit “ra” and the Roman letter R, the symbol was created by D Udaya Kumar, an assistant professor in the design department at the Indian Institute of Technology in Guwahati, Assam.

In March 2009, resident Indians were invited to enter a competition to design a symbol that would reflect and capture Indian culture. Over 3,000 entries were received and evaluated by a jury of artists, officials and bankers, headed by a deputy governor of the Reserve Bank of India. The jury selected five finalists and Kumar’s was the winning entry. Kumar received US$3,500 in prize money for his design.

The Indian government’s Press Information Bureau (PIB) said the symbol would help distinguish the Indian rupee from other currencies, particularly those in Pakistan, Nepal, Sri Lanka and Indonesia, which also use the rupee or rupiah. “The symbol for the rupee would lend a distinctive character and identity to the currency and further highlight the strength and robustness of the Indian economy,” the PIB said in a press release.