The word 'rupee' has been derived from the Sanskrit word rupyakam, meaning a silver coin. It owes its origin to rupiya, issued by Sher Shah Suri in 1540-45. Today, the Reserve Bank of India issues currency under the RBI Act 1934. ndian rupee sign. The Indian rupee sign is the currency symbol for the Indian rupee, the official currency of India. Designed by Udaya Kumar, it was presented to the public by the Government of India on 15 July 2010, following its selection through an "open" competition among Indian residents. I ndian rupee sign.