Rupee logs best single-day gain since September 30 on strong FPI flows

The rupee strengthened sharply against the US dollar on Friday, registering its biggest single-day gain since September 30 as overseas investors purchased Indian assets, especially ahead of multiple initial public offerings (IPOs), dealers said.

The rupee settled at 82.44 per dollar on Friday versus 82.89 on Thursday. In 2022, so far, the Indian currency has depreciated 9.8 per cent against the greenback.

Foreign portfolio investors (FPIs) resumed purchases of Indian equities in November, following a hiatus of two months. Favourable economic data has improved the outlook on domestic assets, dealers said.

So far this month, FPIs have net bought $1.9