Ideally you would use the drop cap function to make the character. However...

All typefaces contain information that specifies how much white space is needed above and below for one 'line' depending on the font size. This space is necessary to avoid descenders on one line overlapping with the ascenders on the next line. It stands to reason that a larger font size needs more space for the descenders.

You can select the oversized character and then open the Character Format dialog and change its position to lowered and gradually increase the amount until the line spacing appears correct.

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Andrew Lockton
Chrysalis Design, Melbourne Australia