"Ruqaim" (رُقَیْم, with a damma on ر and a fatha on ق) means markings, signs, or adornments. This was the name of a Companion of the Prophet ﷺ, so using this name is permissible.
"Raqim" (رَقِیْم, with a fatha on ر and a kasra on ق) means a written text, a book, or it refers to the town of the Ashab al-Kahf, or their mountain, or the tablet on which the names, lineage, religion, and place of origin of the Ashab al-Kahf were recorded. Given this meaning, although naming someone Raqim is permissible, it is better to choose instead a name from among the names of the Prophets (peace be upon them) or the Sahabah (may Allah be pleased with them all).
Allah the Almighty knows best.
Darul Ifta Al-Ikhlas, Karachi.