India's HSBC Composite Purchasing Managers Index (PMI) for June was revised downward to 57.1, falling short of both the previous reading and market estimates of 57.4, according to FX Street.
The downgrade reflects a slight cooling in India's economic activity as measured by the composite PMI, which combines manufacturing and services data. HSBC Bank and S&P Global are key contributors to this index, widely followed by investors and analysts assessing the country's growth trajectory.
For Japanese markets, developments in India's PMI are significant given the close trade ties and investment flows between the two economies, particularly impacting currency movements such as the Indian Rupee against the yen.