Modern ECUs put the IC engine into a complete fuel stop when the vehicle is above a certain speed (35 kmph, implementation dependent) - This is called as Deceleration Fuel Cut Off (DFCO) - this is useful when going down a mountain slope, where sustained braking is not recommended for brake pad wear concerns. When coasting in gear, the speed is not allowed to increase because of engine acting as a speed dampener. This is called engine braking, and is recommended over coasting down in neutral with heavy use of brakes for limiting speed.
DFCO is zero fuel consumption while the phenomenon is happening, but it slows down the vehicle a lot. So from pure FE perspective, it is not really very good. You would need fuel to speed up to the desired vehicle speed when you snap out of it.
Coasting in neutral results in small constant expenditure of fuel, for maintaining the engine idle RPM. The advantage here is the engine is completely disengaged from the wheels, and the wheels spin only under vehicle inertia. Substantial savings are possible when coasting in neutral - I can generally (depending on terrain) go about 600-700 meters at one go when slowing from 70 kmph to 40 kmph => This is my default mode of highway travel.
When 40 kmph is reached, I shift to 4th gear (appropriate for the vehicle speed) and accelerate to 70. Then rinse and repeat. I can get upto 20% better FE using this technique, as opposed to steady state driving in the top gear with the optimal speed/throttle combination. So I can confirm Gouri's observation mentioned above.
OT: A more extreme way of saving fuel is to switch off the engine when coasting, but I advise people to research carefully and understand the safety concerns when doing this extreme stuff. Not for the beginners anyways.
I am no way any expert, but have tried a few things in the name of FE, and therefore tried to answer in spite of a call for expert opinion by Gouri. Hope you will excuse me. 
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