A simple symbol for Udaya Kumar. A giant leap for the Indian Rupee?

The Indian Rupee has now got a new symbol that has been designed by D. Udaya Kumar, an IIT graduate. Extremely simple and easy to draw, the symbol reflects the Indian ethos with its Devanagari-styled ‘Ra’, and blends well with the modern world with its double strokes. Check out this video for a more elaborate pitch on what it stands for.



Personally, I quite liked the symbol from a creative perspective and am impressed with the logic behind it. But hey, are we blowing it out of proportion by using it to signify the strength of the Indian economy? I agree we are a trillion dollar economy, one of the fastest growing GDPs, a rising consumer powerhouse, attractive investment destination….and all that babble that I used countlessly while selling India as ‘the place’ to be in all my presentations convincing my firang bosses to approve project fundings. Fact of the matter is, yes we are big…..but are we big enough? And in case of the new symbol of the Indian Rupee, does anyone care enough?

Every politician and media worth its salt has gone gaga over how much this symbol signifies India’s growing economic prowess. Can even one of these stand up and please explain which part of the symbol really tells that? Does the shirorekha stand for it? Nope it is a regular feature in any Devanagari alphabet. Do the double strokes signify it? No. They are a metaphor for equality (ah….the socialists strike again!) and the Indian tricolor. And the ‘Ra’, while an abbreviation for the Rupee, incidentally also looks like ‘R’ from the Roman alphabet. So much for the desi, global Indian or for the striking inspirations as Dan Brown would have put it. Damn…..but I still can’t find the economic strength that they so much tout about.

So where exactly is this or any other currency symbol used? One article states that it is used in financial transactions across the world where they help distinguish between themselves. But then how many countries stock Indian Rupees as their forex reserves? Also used in news articles and currency converters…but then the INR serves the purpose as well. Again, it is not the symbol or the abbreviation that matters. What matters is its value or its worth. What’s important is how much can you buy with X Rupees versus an X Dollar. And no jazzy symbol is going to help you increase that purchasing power.

For now, the symbol is just aspirational. The US Dollar has a symbol, the Euro does and so do the British Pound and the Japanese Yen. Why not the Indian Rupee? The new symbol will definitely draw attention for some time, hopefully create a brand out of the INR just the way the Euro did, but nothing beyond. The Indian currency would not grow stronger versus its American or European counterparts simply because now it has a new symbol. Nor would it become a favored currency to stock due to its fancy symbol. Enough of the jingoism. Let us look at the symbol as a differentiating, short character for the INR / Rs. and be happy that it reflects the Indian ethos, but nothing more.

As for me, I eagerly look forward to type the Indian Rupee symbol using my (possibly) Chinese / Taiwanese assembled keyboard on an American operating system and share it with the world. That should be some pleasure for the creative, cultured Indian in me!