Shape of money

The euro has faced rough weather of late,but the ease with which members of the EU abandoned their long-held currencies for this common one has often been attributed to its sturdy symbol. Drawn from the Greek epsilon,it has two lines vertically drawn through,said to represent stability. Therefore,presumably,local currencies were junked for the euros steadying promise though it did not stop local populations across Europe from complaining that in the switchover retailers cleverly included a price hike. Nonetheless,the euro symbol was also bland enough to avert any nationalist opposition to its adoption.

No such worries cloud Indias horizon as we give the rupee a symbol. On Thursday,the Union cabinet put off a decision on what symbol to adopt a shortlist of five symbols is reportedly ready. But a timetable is presumably on the governments mind,given that Finance Minister Pranab Mukherjee said in the last budget speech: In the ensuing year we intend to formalise a symbol for the Indian rupee,which reflects and captures the Indian ethos and culture. That is high ambition,but the minister was obviously conscious of the fact that currency symbols often become shorthand for the country too.

So,at a time when India is becoming more confident of letting the rupee find its value against other currencies its a relative change it may be apt that its symbol is being found through open competition.