Weekend high: Strong FPI inflows lift benchmark equities, Indian rupee

Foreign investors bet Rs 14,064 cr, most in a day in 3 yrs; rupee posts biggest weekly gain in '24

Buoyed by robust buying from foreign portfolio investors (FPIs), Indian equity benchmarks soared to new heights on both intraday and closing levels on Friday. Strong foreign inflows also bolstered the rupee, which reached a two-month high against the dollar.

FPIs recorded their largest single-day equity purchase since  February 24, 2021, with net investments totalling Rs 14,064 crore. They flocked to Indian stock markets, spurred by expectations of at least two more rate cuts by the US Federal Reserve in the coming months. Their appetite for riskier assets was further fuelled by a decline in US jobless claims and