The exchange rate of the Indian rupee US dollar (USD/INR) is quoted at the beginning of the new week after posting losses last week. The pair fell by -0. 5% last week, last Friday at 73. 29. At 10:15 UTC, USD/INR was trading at -0. 04% at 73. 25.
India’s Ministry of Finance said in its Monthly Review in September that India would possibly have surpassed Covid’s peak and that the decline in the number of covids can also help boost economic recovery. in many sectors. The ministry also hopes that the upcoming holiday season will further stimulate growth.
The ministry added that the pandemic is over and that the long-term spread of the virus still poses a problematic threat to expansion in the short to medium term.
The ministry’s report comes at a time when the number of coronavirus cases in India has increased to 74,442 in the last 24 hours to reach a total of 6. 63 million. Meanwhile, Covid deaths increased from 102 to 102,685. India is now the third country, after the United States of America and Brazil, to record more than 100,000 deaths.
Last week, India continued its reopening program. Audiences and cinemas have reopened.
The US dollar is traded down compared to its peers on Monday on safe haven outings due to a greater temperament in the market. President Trump’s fitness news has a greater threat to trade: President Trump may be discharged from the hospital today after collapsing a covid last week.
In addition to the positive mood, hopes of additional U. S. stimulus are emerging after the House address, Nancy Pelosi, warned that progress in Democrat-Republican negotiations is underway.
Looking ahead, investors will turn to U. S. knowledge of non-manufacturing ISMs, and analysts expect knowledge to show a forged expansion in the 56. 3 sector, just below 56. 9 last month.