Currency symbol to strengthen ruble, Koltso Urala claims

The Times of India announced recently that the Indian authorities adopted the symbol for the rupee, the national currency, on July 15, 2010.

‘This currency symbol looks somewhat like an R without the vertical line and somewhat like र (ra), the letter of the Devanagari alphabet,’ the newspaper says.

The rupee symbol will probably come in use in India within six months’ time and is expected to hit the global market in eighteen to twenty-four months.

OOO Koltso Urala Commercial Bank’s Currency Transactions Director Igor Nesterovitch says the graphic currency symbols don’t really have an economic value.

‘A currency does not change its value if it does or does not have a symbol to it. The value of money, as we all know, depends on the country’s economic state and not on graphics of any kind, however elegant. Still, in terms of currency awareness, a symbol is a very useful thing to have,’ Nesterovitch explains.

‘I believe that the symbol for the ruble designed as early as 2007 (which is still not adopted today) could help build up on the ruble’s global popularity and promotion. Now that our national currency tends to grow increasingly stronger, an image component would come in handy,’ the bank executive notes.

At the moment, the accepted currency symbols $ for the U.S. dollar, ? for the euro, £ for the UK pound sterling, and ¥ for the Japanese yen.

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