The Hoops climbed off the foot of the Premier League after winning 3-2 at Loftus Road in one of the Premier League’s most entertaining matches in recent history.
Between them the two sides mustered 51 attempts in the contest, the visitors taking the lead as Esteban Cambiasso ended a near nine-hour wait for a goal.
QPR fought back and were ahead at the break courtesy of a Wes Morgan own goal and a first strike for the club for summer signing Fer.
Still more drama came in the second half as Jeffrey Schlupp drew Leicester level with a sublime finish before a fifth goal in as many games from R’s striker Charlie Austin sealed the win for Harry Redknapp’s side.
That lifted Rangers off the bottom, with Leicester taking their place.
“We knew we had to win the game today and we had belief throughout,” said Fer. “I thought we deserved the three points and it was a fantastic game of football. The crowd here are magnificent. They get right behind us.
“We’re strong at home — going behind early was disappointing, but we kept fighting, kept battling and got back into it.
“At 2-2 we just knew we had to keep fighting and thankfully Charlie came up with the winner. He’s so important for us and he was in the right place at the right time to score again.”
Leicester winger Jeffrey Schlupp believes the Foxes can take plenty of positives from their narrow defeat and has backed manager Nigel Pearson to turn their fortunes around.
“The boys are gutted to come away with no points after scoring two goals away from home,” he said.
“There are lots of positives from the game, we created lots of chances and hopefully in the future we can convert those chances and turn them into goals.
“You have always got to take positives out of the game, we know what we have done wrong and what we need to work on.
“We will do that, we will do it together as a staff and get ourselves out of this run and kick on.”
Speculation has begun to mount that Pearson’s position as Leicester boss is starting to come under pressure, with no win for the East Midlands outfit since their memorable 5-3 victory over Manchester United on September 21.
Former Stoke and Crystal Palace manager Tony Pulis is being linked to Pearson’s job but Schlupp insists the club already have the right man in place to lead them to survival.
“We have all been in situations and a run of form when things are not going your way,” Schlupp said.
“We know how to get out of it and we have a great manager behind us as well.
“He has been in difficult spells before and knows what to do to get us out of it, we have faith in him and all the other staff and I’m sure we’ll turn it around.”
All three of the promoted clubs currently occupy the Premier League relegation zone, with Burnley sandwiched between QPR and Leicester.
QPR: Green, Isla, Onuoha, Caulker, Yun (Traore 51), Kranjcar (Hoilett 90), Barton, Henry, Fer, Vargas (Mutch 76), Austin.
LEICESTER: Schmeichel, De Laet, Wasilewski, Morgan, Konchesky, Mahrez (Albrighton 60), James, Cambiasso (King 89), Schlupp, Vardy, Ulloa (Nugent 60).
Ref: Roger East.