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