卢比企稳，以遏制特朗普关税冲击主导的艰难一周。周五，在印度储备银行可能干预的支持下，印度卢比小幅走高，但由于对美国关税和持续的外国投资组合外流的担忧，印度卢比仍创下自2022年底以来的最大单周跌幅。

Rupee steadies to cap rough week dominated by Trump's tariff jolt.The Indian rupee nudged higher on Friday, supported by likely intervention from the Reserve Bank of India, but still logged its worst weekly drop since late 2022 due to worries over U.S. tariffs and sustained foreign portfolio outflows.

央行坚定干预，短期剔除有助于支撑卢比。周五，印度卢比在跌至上一交易日创纪录低点的惊人距离内后找到了立足点，因为央行的坚定干预和减少对该货币的空头押注帮助其企稳。

Firm central bank intervention, short culling helps shore up rupee.The Indian rupee found its footing on Friday after slipping to within striking distance of a record low in the previous session, as firm intervention by the central bank and a cutting of short bets against the currency helped it stabilise.

汇丰银行印度制造业采购经理人指数从初步估计的59.2略微下调至2025年7月的59.1，尽管仍高于6月份的58.4。这是自2024年3月以来的最高水平，突显了该行业的持续强劲。在强劲的需求条件和成功的市场策略的支持下，新订单大幅增长，增速加快，达到近五年来的最快水平。因此，产出增长也有所回升，达到15个月来的最高点。与此同时，招聘活动在第二财季开始时持续存在，尽管创造就业的速度放缓至八个月来的最低水平。在通货膨胀方面，投入成本的增长速度比6月份快，而产出费用仅略有增加。最后，制造商对未来12个月的产量增长保持乐观，但整体商业情绪跌至三年来的最低水平。

The HSBC India Manufacturing PMI was revised slightly lower to 59.1 in July 2025 from a preliminary estimate of 59.2, although it remained above June’s reading of 58.4. It marked the highest level since March 2024, highlighting the sector’s continued strength. New orders rose sharply and at an accelerated pace, growing at the fastest rate in nearly five years, supported by robust demand conditions and successful market strategies. Consequently, output growth also picked up, reaching a fifteen-month high. Meanwhile, hiring activity persisted at the start of the second fiscal quarter, though the rate of job creation slowed to its weakest in eight months. On the inflation front, input costs rose at a faster pace than in June, while output charges increased only slightly. Lastly, manufacturers remained optimistic about output growth over the next twelve months, but overall business sentiment slipped to its lowest level in three years.

周五早盘，BSE Sensex指数下跌106点，跌幅0.1%，至81080点，延续了前一交易日的跌幅。此前，美国总统特朗普周四发布行政命令，自8月1日起实施10%至41%的新关税税率，其中包括印度。印度最大贸易伙伴中国令人失望的经济数据也打压了市场情绪，此前7月份中国内地工厂活动意外收缩。交易员等待阿达尼电力、ITC和塔塔电力等公司公布美国关键经济数据和第一季度收益。然而，最终的制造业数据限制了损失，因为印度的工厂活动以16个月来最快的速度增长。早期的输家包括太阳制药（-3.7%）、塔塔汽车（-1.9%）、JSW钢铁（-1.8%）和塔塔钢铁（-1.7%）。本周，该指数将下跌0.5%，这将是连续第五周下跌，因为美印贸易谈判仍存在不确定性。

The BSE Sensex fell 106 points, or 0.1%, to 81,080 in early trade on Friday, extending losses from the previous session. The decline followed US President Trump’s executive order on Thursday imposing new tariff rates ranging from 10% to 41%, effective August 1, which includes India. Disappointing economic data from India’s top trading partner, China, also weighed on sentiment after factory activity in the mainland unexpectedly contracted in July. Traders awaited key US economic data and Q1 earnings from companies such as Adani Power, ITC, and Tata Power. However, the final manufacturing data capped losses, as India’s factory activity grew at the fastest pace in 16 months. Among the early losers were Sun Pharmaceuticals (-3.7%), Tata Motors (-1.9%), JSW Steel (-1.8%), and Tata Steel (-1.7%). For the week, the index is set for a 0.5% decline, which would mark the fifth consecutive weekly fall amid ongoing uncertainty over US-India trade talks.