India is to have a new symbol for its currency

The Indian rupee will soon have a unique symbol — a blend of the Devanagri 'Ra' and Roman 'R' — joining elite currencies like the US dollar, euro, British pound and Japanese yen in having a distinct identity. 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. 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. The symbol will be adopted in a span of six months in the country, and within 18 to 24 months globally. The Indian government hopes it will soon be as recognisable as the dollar, the pound or the euro.Correspondents say choosing the symbol reflects India's ambition to be seen as a global power.