What is the estimated annual effective tax rate for the full fiscal year 2019
ovation, and in fact technology is at the heart of our innovation agenda. A great illustration is our AI powered Microsoft myWizard platform, which you've heard us mention many times previously, which differentiates our service delivery by improving clients' business performance with superior productivity and predictability. And we continue to leverage our unique innovation architecture which integrates our capabilities from research, ventures, labs, innovation centers and delivery centers.
Second is our powerful ecosystem relationships as the largest independent provider of technology services. While scale is certainly a factor, it's also our ability to co-innovate with our partners, delivering outcomes and value at speed in The New and looking to the Next New that differentiates us in the marketplace.
And the final piece that underpins our technology leadership and is pervasive across everything we do is our unmatched industrialized global delivery capability which uniquely positions Accenture to deliver large-scale complex programs.
Let me now switch gears and comment on our continued commitment to invest for long-term market leadership, including operating investments related to assets and solutions, talent and innovation as well as capital investments to acquire critical skills and capabilities in strategic high growth markets. So far this year, we have deployed approximately $1.1 billion in capital on acquisitions, with the majority focused in The New and especially Accenture Interactive, where we've completed nine deals so far this year. I'm particularly pleased with the acquisition of Droga5, by far our biggest of the year, which has a large New York-based creative agency that significantly strengthens our capabilities to design, build and run customer experiences that grow brands and businesses.
But before I hand it back to KC, I want to take a moment to acknowledge some of the external recognition we've received. Accenture rose to number 28 on BrandZ's list of Top 100 Most Valuable Brands and we also achieved our highest ranking ever on Forbes' list of the top global brands, and we had our highest ever double-digit increases in brand value on both list. I'm also very pleased that we were named for the first time in two fast company rankings for innovation: first, in the category of world's most innovative companies, and second, for world changing ideas. And finally, Accenture was ranked number one on Barron's new list of the Most Sustainable International Companies.
Before I close, I want to briefly mention that our CEO succession process is going very well, and as I said last quarter, we expect to complete the process by the end of this fiscal year.
With that, I'll turn it over to KC to provide our updated business outlook. KC?
KC McClure -- Chief Financial Officer
Thanks, David.
Let me now turn to our business outlook. For the fourth quarter of fiscal 2019, we expect revenues to be in the range of $10.85 billion to $11.15 billion. This assumes the impact of FX will be about negative 2% compared to the fourth quarter of fiscal '18 and reflects an estimated 5% to 8% growth in local currency.
For the full fiscal year '19, based on how the rates have been trending over the last few weeks, we continue to assume the impact of FX on our results in US dollars will be approximately negative 3% compared to fiscal '18. For the full fiscal '19, we now expect our revenues to be in the range of 8% to 9% growth in local currency over fiscal '18. For operating margin, we now expect fiscal '19 to be 14.6%, a 20 basis point expansion over fiscal '18 results.
We continue to expect our annual effective tax rate to be in the range of 22.5% to 23.5%. This compares to an adjusted effective tax rate of 23% in fiscal '18. For earnings per share, we now expect full year diluted EPS for fiscal '19 to be in the range of $7.28 to $7.35 or 8% to 9% growth over adjusted fiscal '18 results.
For the full fiscal '19, we continue to expect operating cash flow to be in the range of $5.85 billion to $6.25 billion, property and equipment addition
ovation, and in fact technology is at the heart of our innovation agenda. A great illustration is our AI powered Microsoft myWizard platform, which you've heard us mention many times previously, which differentiates our service delivery by improving clients' business performance with superior productivity and predictability. And we continue to leverage our unique innovation architecture which integrates our capabilities from research, ventures, labs, innovation centers and delivery centers.
Second is our powerful ecosystem relationships as the largest independent provider of technology services. While scale is certainly a factor, it's also our ability to co-innovate with our partners, delivering outcomes and value at speed in The New and looking to the Next New that differentiates us in the marketplace.
And the final piece that underpins our technology leadership and is pervasive across everything we do is our unmatched industrialized global delivery capability which uniquely positions Accenture to deliver large-scale complex programs.
Let me now switch gears and comment on our continued commitment to invest for long-term market leadership, including operating investments related to assets and solutions, talent and innovation as well as capital investments to acquire critical skills and capabilities in strategic high growth markets. So far this year, we have deployed approximately $1.1 billion in capital on acquisitions, with the majority focused in The New and especially Accenture Interactive, where we've completed nine deals so far this year. I'm particularly pleased with the acquisition of Droga5, by far our biggest of the year, which has a large New York-based creative agency that significantly strengthens our capabilities to design, build and run customer experiences that grow brands and businesses.
But before I hand it back to KC, I want to take a moment to acknowledge some of the external recognition we've received. Accenture rose to number 28 on BrandZ's list of Top 100 Most Valuable Brands and we also achieved our highest ranking ever on Forbes' list of the top global brands, and we had our highest ever double-digit increases in brand value on both list. I'm also very pleased that we were named for the first time in two fast company rankings for innovation: first, in the category of world's most innovative companies, and second, for world changing ideas. And finally, Accenture was ranked number one on Barron's new list of the Most Sustainable International Companies.
Before I close, I want to briefly mention that our CEO succession process is going very well, and as I said last quarter, we expect to complete the process by the end of this fiscal year.
 With that, I'll turn it over to KC to provide our updated business outlook. KC?
KC McClure -- Chief Financial Officer
Thanks, David.
Let me now turn to our business outlook. For the fourth quarter of fiscal 2019, we expect revenues to be in the range of $10.85 billion to $11.15 billion. This assumes the impact of FX will be about negative 2% compared to the fourth quarter of fiscal '18 and reflects an estimated 5% to 8% growth in local currency.
For the full fiscal year '19, based on how the rates have been trending over the last few weeks, we continue to assume the impact of FX on our results in US dollars will be approximately negative 3% compared to fiscal '18. For the full fiscal '19, we now expect our revenues to be in the range of 8% to 9% growth in local currency over fiscal '18. For operating margin, we now expect fiscal '19 to be 14.6%, a 20 basis point expansion over fiscal '18 results.
We continue to expect our annual effective tax rate to be in the range of 22.5% to 23.5%. This compares to an adjusted effective tax rate of 23% in fiscal '18. For earnings per share, we now expect full year diluted EPS for fiscal '19 to be in the range of $7.28 to $7.35 or 8% to 9% growth over adjusted fiscal '18 results.
For the full fiscal '19, we continue to expect operating cash flow to be in the range of $5.85 billion to $6.25 billion, property and equipment addition