India Nikkei/IHS Markit July services PMI report just out 3 Aug
- lowest since Sept 2013
- composite PMI 46.0 vs 52.7 prev
Ouch.
Not only a big miss but also now into the contraction zone as was the mftg PMI on Tuesday.
Yesterday the RBI cut repo rate by 25bps to 6.0%
USDINR currently 63.63