Mumbai, April 23 -- The Indian rupee (INR) appreciated by 0.5 per cent (m-o-m) during March 2025, supported by FPI inflows and year-end dollar receipts from inter-company borrowings; however, INR volatility rose driven by elevated global uncertainty, RBI's April bulletin noted. The US dollar index (DXY) depreciated by 3.2 per cent in March and further by 4.4 per cent in April (up to April 14) as investors priced in a higher probability of a recession in the US. The MSCI currency index for EMEs increased modestly in March and remained broadly steady in April (up to April 14) despite capital outflows, in both debt and equity, mounting downside pressures. Meanwhile, the INR depreciated by 1.0 per cent (m-o-m) in terms of the 40-currency real...