�� INR is already pricing in peak fear. REER at ~87.5 — levels last seen at crisis bottoms of 1999, 2008 & 2013.

�� Iran has an endgame. Hormuz disruption will pass — and what follows could be a structural shift: a more stable, modern, and economically integrated West Asia, compressing oil’s geopolitical risk premium.

�� In that regime, INR stands out as a prime beneficiary — from deep undervaluation to potential inflow-driven strength.

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