The jury has given its verdict: the rupee will retain its Indian character with an international flavour.
“An amalgam of the Devanagari ‘Ra’ and the Roman capital ‘R’ without the stem…. [it] is based on the Tricolour and “arithmetic equivalence”. While the white space between the two horizontal lines gives the impression of the national flag with the Ashok Chakra, the two bold parallel lines stand for ‘equals to’, representing balance in the economy, both within and with other economies of the world.”
The decision to create a new currency symbol reflects India’s aspiration to become a global player on international financial markets, in particular at a time when the Indian rupee has been strengthening against all major currencies.
And the winner was…Udaya Kumar, a post-graduate student at Mumbai’s Industrial Design Centre, which is part of one of India’s elite institutes of technology (IITs).
The verdict was given by a five-member jury and it now needs the cabinet’s final approval. However, the more important question is whether Indian citizens will like it. Beyondbrics hit the streets of Mumbai, India’s financial capital, with a copy of the new rupee symbol to gauge reaction to the currency’s novel design.
What the majority of the country thinks about this new symbol is still a mystery - very few have seen the symbol or were aware that the government was planning to create a new one. An appropriate marketing campaign will be necessary to get everybody on board to support it.
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