“Bearish on emerging-market equities and the Indian Rupee if the FOMC meeting results in a rate hike accompanied by hawkish economic projections. Such an outcome would strengthen the dollar, tighten global financial conditions, and place further pressure on foreign flows into emerging markets. Additionally, a renewed rise in crude oil, especially due to Middle East disruptions, would exacerbate inflationary pressures, widen India's import bill, and squeeze corporate margins.”