Reuters Market Eye - * Rupee's 3-month implied volatility touches 7.45 pct, highest since July 4.
* Volatility has surged since June 30, as part of a surge in USD/INR over global risk aversion.
* HSBC says increased recent volatility a reminder of potential risks to the currency.
* Despite compression in the current account deficit, India still dependent on capital inflows, HSBC says.
* RBI Governor Raghuram Rajan warned on Wednesday of the prospect of a global market "crash" should investors bail out of riskier assets.
(Reporting by Swati Bhat)