Finally, the Rupee will have a symbol like the Dollar ($) or the Euro (€) or the Pound (£). The Cabinet today finalized the design for the Rupee.

IIT post-graduate Uday Kumar’s entry has been selected out of five shortlisted designs as the new symbol for the Indian Rupee, while over 25,000 applications received from across the country. On July 15, one of the five got the Cabinet's approval.

The government had organized a symbol design competition with a prize money of Rs 2.5 lakh. Five designs were shortlisted from a competition and all new notes will bear the design finally approved.

The growing influence of the Indian economy in the global space is said to have prompted this move that will result in the Indian rupee joining the select club of global currencies like the US dollar, the British Pound, European Euro and Japanese Yen that have unique symbols.

The abbreviation for the Indian Rupee, 'Re' or 'Rs' is also used by India's neighbors Pakistan, Nepal and Sri Lanka.