It's pretty cool, because it looks like both R and the Devanagari र ra. However, I think it would be better as a रु ru (for Hindi रुपया rupayā) or रू (for Sanskrit रूप्य rūpya).
This is because Devanagari is an abugida: the vowels are respresented as diacritics attached to the consonant letters. When you abbreviate a word that begins with a consonant in Devanagari, you don't abbreviate to the first consonant, you abbreviate to the first consonant and vowel. So the usual abbreviation for rupee in Hindi is रु॰. (The circle is an abbreviation sign.)
On the back of one of my Hindi children's books is the name of the publisher:
Pitambar Publishing Company