India's Rupee Has Constructive Outlook Despite Global Risks, Says BofA

India's rupee should appreciate long-term vs the USD as India builds strong export buffers in services and goods to offset trade deficits, says BofA's Patrick Law
India benefits from the "China plus one" narrative and expanding service industry with more global capability centers
While high oil prices and a weaker Chinese yuan pose EM currency risks, the rupee is a "very special case" given India's bullish outlook
The Fed may cut rates less than expected given persistent inflation, limiting USD downside and EM inflows
The rupee outlook is more constructive than North Asian currencies facing competition from cheap Japanese exports