In the forex market today, the rupee appreciated by 49 paise to close at 94 rupees and 49 paise against the US dollar. Earlier, the rupee surged to a two-month high during the intraday trade against the US dollar and logged its biggest single-day gain since June. The substantial jump was attributable to the Reserve Bank of India’s foreign currency non-resident bank (FCNR-B) inflows, which significantly exceeded market expectations. Of the total inflows under the RBI’s US dollar-Indian rupee (USD-INR) forex swap facility, FCNR-B deposits accounted for the overwhelming majority, amounting to 127.2 billion US dollars, as per the central bank’s data.