Indian Rupee (INR) trades on a stronger note on Wednesday.
Lower oil prices and optimism about foreign fund inflows support the INR after facing the uncertainty surrounding Indian election.
Traders will closely watch the Indian HSBC Services PMI and US ISM Services PMI for May, which are due on Wednesday.
Indian Rupee (INR) trims losses on Wednesday after facing some selling pressure in the previous session. On Tuesday, the uncertainty surrounding a majority win for the BJP-led government triggered a significant sell-off in Indian equities and the INR. Nevertheless, the decline in crude oil prices and optimism about foreign fund inflows due to India's inclusion in the JPMorgan bond indices are likely to support the Indian Rupee.
Investors will keep an eye on the Indian HSBC Services PMI, which is expected to rise to 61.4 in May from 60.8 in April. On the US docket, the US ISM Services PMI will be published, along with the ADP Employment Change. In case of the stronger-than-expected reading, this might boost the US Dollar (USD) and create a tailwind for the USD/INR pair.
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