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Indian Rupee Little Changed After PMI Slightly Lower Than Forecast

Indian Rupee Little Changed After PMI Slightly Lower Than Forecast

Oded Shimoni, Junior Currency Analyst

Talking Points:

  • PMI at 51.2, below the expected 52.0
  • The Indian Rupee little changed versus the US Dollar
  • PMI report shows Indian manufacturers output grew at slower pace

The Indian Rupee was little changed versus the US Dollar after the Markit Manufacturing PMI report showed output grew at a slower pace. Actual number came at 51.2, below the expected 52.0, with the prior reading at 52.3.

The report signaled slower increase in new orders, reflecting the current global economic conditions, as the main reason output grew at a slower rate. Whilst the September number marks the first back-to-back decline in input prices since the financial crisis, Markit argued that growth prospects for the quarter are positive, as the manufacturing sector is set to provide stronger contribution to India’s GDP than the previous quarter.

The report comes after the RBI apparently signaled that further monetary policy easing is unlikely for the time being earlier this week.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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