Mar 192011
This new symbol is also considered as a step towards internationalisation of Indian rupee. While the U.S. dollar, the British pound, the euro and the Japanese yen are widely traded currencies, Indian rupee is only partially convertible. With a new symbol, the issue of full capital account convertibility would be revived again.
The Indian currency will be joining the elite club of the U.S. dollar, the European euro, the British pound sterling and the Japanese yen. The growth story of India is intact and many would be interested in correlating the new symbol with its economic growth and ambition to become an economic super power.
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