The Indian rupee will soon join the elite club of major currencies like the dollar, euro, pound sterling and yen to have a unique identification symbol. The Cabinet has decided  the matter on Thursday and had approved a symbol reflecting the Hindi alphabet standing for ‘R’. The proposal involves a list of 5 symbols for the Indian rupee drawn up by the Finance Ministry, which reflect India’s ethos and culture. The 5-shortlisted signs are simple, easy to write and designed to appeal to Indian and international community.

The proposal, said to be prompted by the growing influence of the Indian economy in the global arena, involves a shortlist of five symbols for the Indian rupee drawn up the finance ministry, reflecting the Indian ethos and culture.

The rupee is only referred to by the abbreviation ‘Rs’ or ‘Re’ or sometimes as INR while major foreign currencies have their own distinct symbols, in addition to their abbreviations — USD etc. The same abbreviated forms — ‘Rs’ or ‘Re’ — are also used in neighbouring countries such as Pakistan, Nepal and Sri Lanka.