The US Dollar Indian Rupee (USD/INR) exchange rate is edging higher on Thursday, adding to gains from the previous session.
The Indian Rupee is unable to take advantage of the broadly weaker US Dollar, due to the steep rise in Indian coronavirus cases. New daily infections jumped by 67,000 today. Demand is being affected by the surging number of infections, delaying the normalisation of economic growth and dragging on the Rupee.
The US Dollar is trading lower versus its major peers on fears that the gridlock in Congress will hamper the US economic recovery. Democrats and Republicans remain some distance from an agreement on additional stimulus for the US economy to support it through the coronavirus crisis.
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