The Indian rupee is expected to open higher on Wednesday, ahead of the central bank's policy decision. This follows a two-week ceasefire in the Middle East, where oil prices have dropped significantly. Brent crude June futures fell nearly 14% to $94.10 a barrel and U.S. equities rallied over 2%, while South Korean and Japanese shares also rose. The ceasefire is a major relief for markets who have been dealing with uncertainty over the conflict's potential impact on inflation. The Reserve ​Bank of India's policy announcement is set to take place at 10 a.m.