Ella 
The Indian rupee lost momentum on Wednesday. As India is the world’s second-largest oil importer, a rise in crude oil prices to a near five-month high has put some selling pressure on the Indian rupee. Rising geopolitical tensions in the Middle East and Russia-Ukraine may further boost crude oil prices, dragging the Indian rupee lower. However, improving Indian economic data and the outlook for the Indian economy may limit the downside for the Indian rupee.
The final reading of India’s HSBC Services Purchasing Managers’ Index for March will be released on Thursday. Reserve Bank of India (RBI) Governor Shaktikanta Das will announce the first monetary policy for the financial year 2024-25 on Friday. Most analysts believe the Reserve Bank of India is likely to keep the key repo rate unchanged at 6.50% at its April meeting and maintain its stance of tapering off easing policy. In the U.S., ADP employment changes and the ISM services PMI will be released on Wednesday. Nonfarm payrolls (NFP) will be released on Friday.
