For over two decades, yield differential – the gap between India’s 10-year G-sec and the US 10-year Treasury, has been the single most important macro variable driving: Rupee depreciation Relative equity performance between India and the US Currency-adjusted returns for NRIs Capital allocation outcomes for global investors Market cycles across 2003–2010, 2010–2020, and 2020–2025 https://growthfiniti.com/yield-differential-rupee-us-india-market-cycles/