New Delhi, Jan 12 : Inflows of US$ 10.1bn in December 2320 are the highest ever monthly inflows recorded in a single month, a research by Bank of Baroda said. The report said that the FPI flows into India witnessed a turnaround in 2023, registering inflows of US$ 28.7bn compared with outflows of US$ 17.9bn in 2022. 'Inflows in 2023 were the highest since 2017, when FPIs poured in US$ 30.8bn in the domestic market. However, true to their nature, FPI flows exhibited a great deal of volatility throughout the year,' the report said. The report said that after a dismal start, FPI flow into India picked up pace, cumulatively totaling US$ 28.7bn in 2023. 'While equity segment continued to outperform, encouraging trend was also visible in the debt segment, particularly in the last few months of the year,' the report said. It said that the improved corporate profitability, stable domestic macros, range-bound inflation and a stable political environment favour India as a preferred investment destination. The report said that the India's inclusion in JP Morgan's bond index in June 24 as well as hopes that India might subsequently be included in other bond indices has been a key driver of FPI inflows in the debt segment. 'The trend is likely to persist and gather more pace in the first 2-quarters of 2024,' the report said. It said that this will be positive for INR, which is likely to trade with an appreciating bias in 2024. /IANS