The Indian rupee (INR) appreciated by 0.2 per cent (m-o-m) vis-vis the US dollar in February 2024 while other major currencies experienced depreciating pressures. Furthermore, the INR was one of the least volatile major currencies during February 2024 The INR has been bolstered by a pick-up in foreign direct investment (FDI) by 11.4 per cent year on-year (y-o-y) in October-December 2023. Mergers and acquisitions jumped 78 per cent in terms of deal value in January 2024. Portfolio inflows during April-mid March 2023-24 accounted for a fifth of all such flows to EMEs. Meanwhile, the inclusion of Indian sovereign bonds in global bond indices is spurring a strong demand for offshore rupee-denominated bonds issued mostly by multilateral institutions seeking exposure to India.
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