The Indian rupee has fallen 8.9% this year, higher than the 4.6% fall in Asian EM currencies due to expanding trade deficits and FPI outflows. However, the recent fall in oil prices and FPI inflows will support the INR. In addition, India's macro fundamentals twin deficits and inflation are far more comfortable now than in 2013. While near-term volatility cannot be ruled out as the INR is highly correlated with other Asian EM currencies, we believe the rupee should stabilise sooner than later. For FY19, we expect it to average at 69/USD....