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India launches rupee symbol as economy booms
NEW DELHI — India unveiled Thursday a symbol for its rupee currency that it hopes will become as globally recognised as signs for the dollar, the yen, the pound and the…
NEW DELHI — India unveiled Thursday a symbol for its rupee currency that it hopes will become as globally recognised as signs for the dollar, the yen, the pound and the euro.Ministers made their final decision at a cabinet meeting after examining a shortlist of five designs based around the letter "R" as drawn in the Roman alphabet and the ancient Devanagari script used in Hindi."This establishes the arrival of the Indian currency as a robust currency on an international platform and I think every Indian should be proud about it," Ambika Soni, minister for information, told reporters."Some of us in the cabinet tried to write it out and it is not difficult at all," she said.The rupee is currently referred to by the abbreviations "Rs", "Re" or "INR", though it remains uncertain whether the new symbol will be widely taken up.Uday Kumar, a post-graduate student at the Indian Institute of Technology, designed the symbol which beat 3,000 other entries to win a cash prize of 250,000 rupee (5,350 dollars).The government plans to introduce the symbol on computer keyboards shortly and to have it in regular international use within two years.India's economy has experienced rapid growth since liberalisation reforms in the early 1990s reduced controls on foreign trade and investment. Copyright © 2010 AFP. All rights reserved. More »
last modification 2010-07-15 14:00:08
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