HSBC Services PMI

The Services Purchasing Managers Index (PMI), released on a monthly basis by S&P Global and HSBC Bank, is a leading indicator gauging business activity in India’s services sector. The data is derived from surveys of senior executives at private-sector companies. The index is a diffusion index calculated from a single question that asks for changes in the volume of business activity compared with one month previously. The index varies between 0 and 100, with levels of 50.0 signaling no change over the previous month. A reading above 50 indicates that the services economy is generally expanding, a bullish sign for the Indian Rupee (INR). Meanwhile, a reading below 50 signals that the services sector activity is generally declining, which is seen as bearish for INR.