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By Doulovely
July 22nd, 2010
Bread is bread any way you slice it
Bread is bread any way you slice it
How do you design a symbol for a currency? In India, you launch a contest.
On July 15th, the Indian government announced a winner for their nationwide competition to find a new symbol to represent its currency, the Rupee. The winner, D. Udaya Kumar a professor at the Indian Institute of Technology was chosen out of thousands of entries by the Indian cabinet. Kumar describes the symbol as reflecting the Indian flag and a blend of Roman and Indian letters.
Until now abbreviations such as INR or Rs were used to represent the Rupee, which were used by neighboring countries like Sri Lanka, Pakistan, and Nepal causing confusion in the world’s financial market. Feedback from the Indian population has been positive, as they see this as a chance to have their booming economy recognized all around the world.
While the winner received roughly $5,350, implementing the symbol could cost the Indian government much more. By having to print new money, ensuring compatibility on computers, software, phones and keyboards, it could be a $50 billion plus investment.
So move over $, £, € and ¥, there’s a new symbol coming to a keyboard near you.
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