Ella 
The Indian rupee (INR) had a lackluster performance on Wednesday after hitting a record low in the previous session. Due to sluggish growth in India’s gross domestic product (GDP), continued capital outflows from the Indian market and significant demand for the US dollar (USD), the weakness of the local currency is expected to continue. However, the downside for the Indian rupee may be limited amid FX intervention by the Reserve Bank of India (RBI) by selling dollars.
Investors are awaiting the release of the HSBC India Services Purchasing Managers Index (PMI) for fresh impetus. The index is estimated to rise to 59.2 in November from 58.5 in October. If the results show stronger than expected, it will provide some support to the Indian rupee. On the U.S. schedule, the ADP employment change report, the final value of the S&P Global Services Purchasing Managers Index, the ISM Services Purchasing Managers Index and the Federal Reserve’s Beige Book will be released. In addition, speeches by Federal Reserve Chairman Jerome Powell will also be closely watched later in the day.
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