USD/INR extends upside as investors await FOMC Minutes

The Indian Rupee trades softer in Wednesday’s early European session. 
The USD sales help ease the INR’s pressure, but an unabated outflow of foreign capital could weigh on the INR. 
Investors await the FOMC Minutes due later today. 

The Indian Rupee (INR) edges lower on Wednesday after posting its biggest one-day gain in over a month in the previous session. The heavy US Dollar (USD) sales by foreign banks help ease the INR’s pressure. However, the local currency remains fragile amid the persistent outflows and higher crude oil prices. Additionally, geopolitical tensions and downside risks to India’s growth projections might drag the INR lower against the USD.