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.
However, the introduction of the new symbol is having a political dimension. While Pranab Mukherjee spoke about ethos of the country in Parliament, it was definitely, on the largest democracy of the world. As compared to other Asian powers, especially China, India’s strength lies in its democracy.
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.
Further, majority of world’s currencies are also floating. Convertible currencies are defined as currencies that are readily bought, sold and converted without the permission from a central bank or government entity. The Indian rupee is only partially convertible as the central bank controls the international investments flowing in and out of the country.
With a new symbol, the issue of full capital account convertibility would be revived again. However, the recent global financial crisis again proved that India would not be able to take such risks though one may say this as a weakness for the Indian currency in the global arena.
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For more details and download of this font visit: Download New rupee font
Related Article: New Symbol For Indian rupee
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