ic_launcher.png AAPT: error: file not found in Android Studio v4.1.1

I'm getting the following error.

Android resource compilation failed
C:\Users\sarat\OneDrive\Desktop\xd\app\src\main\res\mipmap-mdpi\ic_launcher.png: AAPT: error: file not found.

But .png files are present in mipmap-hdpi(mdpi)(xhdpi)(xxhdpi)(xxxhdpi)

The complete errors in build is as follows\

FAILURE: Build failed with an exception.

* What went wrong:
Execution failed for task ':app:mergeDebugResources'.
> Multiple task action failures occurred:
   > A failure occurred while executing com.android.build.gradle.internal.tasks.Workers$ActionFacade
      > Android resource compilation failed
        C:\Users\sarat\OneDrive\Desktop\xd\app\src\main\res\mipmap-mdpi\ic_launcher.png: AAPT: error: file not found.
            
   > A failure occurred while executing com.android.build.gradle.internal.tasks.Workers$ActionFacade
      > AAPT2 aapt2-4.1.1-6503028-windows Daemon #3: Unexpected error during compile 'C:\Users\sarat\OneDrive\Desktop\xd\app\src\main\res\mipmap-mdpi\ic_launcher_round.png', attempting to stop daemon.
        This should not happen under normal circumstances, please file an issue if it does.
   > A failure occurred while executing com.android.build.gradle.internal.tasks.Workers$ActionFacade
      > Android resource compilation failed
        C:\Users\sarat\OneDrive\Desktop\xd\app\src\main\res\mipmap-hdpi\ic_launcher.png: AAPT: error: file not found.
            
   > A failure occurred while executing com.android.build.gradle.internal.tasks.Workers$ActionFacade
      > AAPT2 aapt2-4.1.1-6503028-windows Daemon #2: Unexpected error during compile 'C:\Users\sarat\OneDrive\Desktop\xd\app\src\main\res\mipmap-xhdpi\ic_launcher.png', attempting to stop daemon.
        This should not happen under normal circumstances, please file an issue if it does.
   > A failure occurred while executing com.android.build.gradle.internal.tasks.Workers$ActionFacade
      > AAPT2 aapt2-4.1.1-6503028-windows Daemon #4: Daemon startup failed
        Please check if you installed the Windows Universal C Runtime.
        This should not happen under normal circumstances, please file an issue if it does.
   > A failure occurred while executing com.android.build.gradle.internal.tasks.Workers$ActionFacade
      > Android resource compilation failed
        C:\Users\sarat\OneDrive\Desktop\xd\app\src\main\res\mipmap-xhdpi\ic_launcher_round.png: AAPT: error: file not found.
            
   > A failure occurred while executing com.android.build.gradle.internal.tasks.Workers$ActionFacade
      > AAPT2 aapt2-4.1.1-6503028-windows Daemon #5: Daemon startup failed
        Please check if you installed the Windows Universal C Runtime.
        This should not happen under normal circumstances, please file an issue if it does.
   > A failure occurred while executing com.android.build.gradle.internal.tasks.Workers$ActionFacade
      > Android resource compilation failed
        C:\Users\sarat\OneDrive\Desktop\xd\app\src\main\res\mipmap-xxxhdpi\ic_launcher.png: AAPT: error: file not found.
            

* Try:
Run with --stacktrace option to get the stack trace. Run with --info or --debug option to get more log output. Run with --scan to get full insights.

* Get more help at https://help.gradle.org

BUILD FAILED in 6s
20 actionable tasks: 1 executed, 19 up-to-date

I tried following things
-invalidate cache and restart Android studio
-Uninstalling and Reinstalling Android studio
-updated all files in build.gradle
-cleaned and rebuiled project
-even after changing android:icon and android:roundicon in Manisfest page\

The manifest page is as follows:

<?xml version="1.0" encoding="utf-8"?>
<manifest xmlns:android="http://schemas.android.com/apk/res/android"
    package="com.example.xd">

    <application
        android:allowBackup="true"
        android:icon="@mipmap/ic_launcher"
        android:label="@string/app_name"
        android:roundIcon="@mipmap/ic_launcher_round"
        android:supportsRtl="true"
        android:theme="@style/Theme.Xd">
        <activity android:name=".MainActivity">
            <intent-filter>
                <action android:name="android.intent.action.MAIN" />

                <category android:name="android.intent.category.LAUNCHER" />
            </intent-filter>
        </activity>
    </application>

</manifest>

I haven't made any changes in MainActivity and activity_main.xml
The classpath i'm using is classpath "com.android.tools.build:gradle:4.1.1"
The build.gradle(Module) is as follows:

plugins {
    id 'com.android.application'
}

android {
    compileSdkVersion 30
    buildToolsVersion "30.0.3"

    defaultConfig {
        applicationId "com.example.xd"
        minSdkVersion 16
        targetSdkVersion 30
        versionCode 1
        versionName "1.0"

        vectorDrawables.useSupportLibrary = true

        testInstrumentationRunner "androidx.test.runner.AndroidJUnitRunner"
    }

    buildTypes {
        release {
            minifyEnabled false
            proguardFiles getDefaultProguardFile('proguard-android-optimize.txt'), 'proguard-rules.pro'
        }
    }
    compileOptions {
        sourceCompatibility JavaVersion.VERSION_1_8
        targetCompatibility JavaVersion.VERSION_1_8
    }
}

dependencies {

    implementation 'androidx.appcompat:appcompat:1.2.0'
    implementation 'com.google.android.material:material:1.2.1'
    implementation 'androidx.constraintlayout:constraintlayout:2.0.4'
    testImplementation 'junit:junit:4.13.1'
    androidTestImplementation 'androidx.test.ext:junit:1.1.2'
    androidTestImplementation 'androidx.test.espresso:espresso-core:3.3.0'
}