D. Udaya Kumar, a Postgraduate student from IIT (Indian Institute of Technology) has proposed a symbol for Indian Rupee and it is among the 5 shortlisted symbols which have gone for approval to the ministry. The symbol is an amalgam of the Devanagari 'Ra' and the Roman capital 'R' without the stem, it is very much appreciated by Finance minister of India, Pranab Mukherjee.
The Indian ministry organized a design competition for the cash prize of Rs.2.5 lakh, that is Rs. 250 Thousand. The symbol should be applicable to the standard keyboard, be in the national language script or a visual representation and should represent the historical and cultural ethos of the country.
The aim of the design is to provide Indian rupee international recognition and it will distinguish Indian rupee from Nepal's, Pakistan's and Sri Lankan Rupee. The symbol has been approved by Indian Ministry. Now Indian Rupee will join the elite group of dollar, euro, pound and yen.
The symbol selected looks something like I've shared in below image,
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