This may be the best time for the Reserve Bank of India (RBI) to execute a pre-policy hike in interest rates, as part of the much-needed normalisation of monetary policy.The stars are literally aligned. Let’s look at it one by one.First, the rupee. Global events emanating from Euroland has exposed the rupee to volatile capital flows.The local currency has lost 6% against the US dollar from the highs seen in April as foreign institutional investors sold emerging market assets fol…