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India HSBC manufacturing PMI slips to 52.9 in August

Services and composite PMI improved in August, but the data is expected to have little impact on the Indian rupee.

Reported · Written up by our desk · EM Currencies

India’s HSBC Manufacturing PMI fell to 52.9 in August from 53.5 the prior month, according to a preliminary reading published by S&P Global and HSBC Bank.

The report also showed the HSBC Services PMI rising to 54.5 in August from 53.3, while the HSBC Composite PMI increased to 54.6 from 54.3.

According to FXStreet, the August PMI release has little to no impact on the Indian rupee, with USD/INR down 0.06% to 95.72 as of writing.

FXStreet attributed the broader rupee drivers to factors including foreign investment demand for INR, dollar demand from Indian importers, and how inflation and Reserve Bank of India interest rate decisions can affect currency strength.

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