* Brazil's currency gains to be capped by deficit concerns
* Strong domestic growth should support Indian rupee
* Russian rouble to strengthen versus dollar, euro
By Samantha Pearson and Luciana Lopez
SAO PAULO, Oct 7 (Reuters) - Fears over Brazil's current account deficit and aggressive attempts by the government to control its exchange rate will cause the real to trail behind other BRIC nations' currencies over the next year, a Reuters poll showed on Thursday.
While the currencies of India, China and Russia should remain flat or appreciate modestly over the next 12 months, the Brazilian real is expected to weaken to 1.75 per dollar by the end of September 2011 from 1.68 currently, according to the median prediction from more than 30 analysts.
But brewing tensions worldwide over various countries' attempts to weaken their currencies mean the future is particularly difficult to predict this time round. For details, see.
The BRIC nations have assumed ever-greater importance in the world, as those economies have begun to outgrow their more developed counterparts.
But that new-found status has lured a deluge of dollars into countries such as Brazil, causing the currency to appreciate too fast and by too much, in the eyes of the government and many investors.
After rallying more than 100 percent since 2003, the Brazilian real is now the world's most overvalued major currency according to Goldman Sachs.
The stronger real has helped to swell the current account deficit, as it has made exports more difficult to sell and encouraged cheap imports, which in itself could represent the biggest stumbling block for the real in the future.
"Many economists are looking at the current account in Brazil which has deteriorated and some think that will cause the real to weaken," said Roberto Padovani, chief Brazil economist with WestLB bank in Sao Paulo.
But economists are more divided than ever about the currency's future moves. "Personally, I think strong inflows will mean the currency will appreciate this year," Padovani said.
The government's battle to contain the currency's recent rally has also raised concerns and made it very difficult to predict the real's future moves, analysts said.
The central bank has increased its dollar purchases to weaken the real, while the government earlier this week raised its tax on foreign purchases of bonds in an effort to curb inflows.
Add to that mix a presidential election campaign. Brazil's ruling party candidate Dilma Rousseff failed to win the election in the first round last Sunday and now investors will have to wait another few weeks for the results.
Several analysts who had contributed to previous Reuters polls were reluctant to give forecasts for the Brazilian real under the current circumstances.
INTERVENTION WORRIES SPREAD
Analysts saw the partially convertible Indian rupee at 44.80 per dollar by the end of the year, 1.5 percent weaker from a 25-month high of 44.1250, it reached on Thursday. For a full story, see:
The currency has benefitted from strong economic expansion this year. The International Monetary Fund now sees 9.7 percent economic growth in India this year, and 8.4 percent next year.
But the country's central bank is considering measures to deal with an influx of foreign fund flows, which would help to contain gains in the currency.
The rupee has been convertible on current account since 1994, meaning it can be changed freely into foreign currency for purposes like trade-related expenses. But it cannot be converted freely for activities like acquiring overseas assets.
The Chinese yuan is likely to appreciate more slowly through year-end, despite pressure from the United States for greater gains in that currency, a recent Reuters poll showed.
The United States wants a stronger yuan so that China can buy more of its goods and stoke the flagging U.S. economy. But China sends out significant exports of its own, and is unlikely to let the currency advance far.
The Russian rouble was also seen closing the year nearly flat, weakening from its Thursday level of 29.8 per dollar to 30.2.
The rouble has recently hit two-month peaks against the dollar on the back of strong oil prices.
(Polling by Bangalore Polling Unit; Editing by Ross Finley and Toby Chopra)