The US Dollar Indian Rupee (USD/INR) exchange rate is on the rise on Wednesday recouping losses from the previous session. The pair trades +0.3% at 73.19.
The Rupee is trading lower as covid-19 cases surge in India. The country reported 78,357 new daily cases in the past 24 hours, taking the total number of infections to 3.7 million. Yet with the economy experiencing a bigger than forecast -25% contraction the government in under pressure to revive the economy.
US Dollar trades higher after US manufacturing data beat forecasts boosting optimism surrounding the economic recovery. ADP data is due next.