• The Indian Rupee receives support due to expected inflows of foreign investments.
• Indian bonds are scheduled to be included in the JP Morgan Emerging Market Bond Index on June 28.
• Higher crude prices limit the upside of the INR as India is the world's third-largest Oil consumer.

The Indian Rupee (INR) held its ground on Wednesday after two days of gains. The INR received support from expectations of foreign inflows, as Indian bonds are set to enter the JP Morgan Emerging Market (EM) Bond Index on June 28. However, the upside for the Indian Rupee was restrained by month-end dollar demand from importers.

The US Dollar remains calm after posting gains on Tuesday. The advance of the US Treasury yields supported the Greenback. The recent comments by Federal Reserve (Fed) officials indicated that the central bank is not in a rush to start its rate-cutting cycle.

Investors turn cautious ahead of key US economic data releases later this week. The revised US Gross Domestic Product (GDP) for the first quarter (Q1) is scheduled to be released on Thursday, followed by the Personal Consumption Expenditure (PCE) Price Index on Friday.