Indian Business Confidence Hits 1 Year Low

With reform momentum apparently stalling, a swift depreciation in the rupee and subdued export demand weighing heavily, Indian business confidence hit a one-and-a-half year low in September, according to a new survey.

The MNI India Business Sentiment Indicator, a gauge of sentiment among Bombay Stock Exchange-listed (BSE) companies, fell to 61.4 in September from 62.3 in August. It was the third consecutive month of decline. A reading above 50 shows expansion, whereas a reading below 50 indicates contraction.

“Growth in some of India’s largest companies is being held back by the weakness in global demand and the negative impact of the rupee on operations,” said Philip Uglow, chief economist of MNI Indicators, a market intelligence group owned by Deutsche Borse. Deutsche Borse provides data services to the BSE.

“Overall business confidence is back at the lows seen in 2014 while orders appear to have resumed their steady downward course.”

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza