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The rupee jumped to a six-week high, to close at 61.77 against the dollar as the easing of tension between Ukraine and Russia boosted market sentiments. The domestic unit opened weaker at 61.91 as against the previous close of 61.85 on Tuesday. Thereafter, the unit continued to strengthen to 61.65 per dollar tracking other emerging market currencies. Further, PMI services activity data released by HSBC showed pace of contraction slowed down and this supported the domestic markets.
The developments in the run up to the national elections will be one of the key factors influencing market movements. The Election Commission announced nine-phased polls, which will be conducted from April 7 to May 12. “Better-than-expected services index data and positive sentiments with election announcement aided the currency markets,” said a dealer with a public sector bank.
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