The Indian Rupee posts modest gains in Wednesday’s Asian session.
India’s foreign portfolio inflows and lower crude oil prices support the INR.
Market players await India’s HSBC Services PMI on Wednesday ahead of the FOMC Minutes.
The Indian Rupee (INR) trades with mild gains on Wednesday amid the weaker US Dollar (USD). Foreign portfolio inflows into the equity markets have returned following the post-election outflows, which might boost the Indian Rupee. Additionally, the decline in crude oil prices helps limit the INR’s losses.
Market players are focusing on the final reading of India’s HSBC Services PMI on Wednesday, which is expected to improve to 60.4 in June, up from 60.2 in the previous reading. On the US docket, ADP Employment Change, ISM Services PMI for June, and the FOMC Minutes will be released later on Wednesday. The cautious stance from the Federal Reserve (Fed) Chair might support the USD. Furthermore, any evidence of further improvement in the US economy might lift the Greenback and create a tailwind for USD/INR.
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