India’s manufacturing sector activity moderated slightly in June, with the HSBC Manufacturing Purchasing Managers’ Index (PMI) easing to 54.5 from May’s 54.7. While still firmly in expansion territory — any reading above 50 indicates growth — the marginal dip signals a measured pace of output expansion. For currency markets and the Reserve Bank of India (RBI), the data offers a nuanced picture of economic momentum and inflationary pressures.