Here's something worth watching: Indian equities are heading into year-end territory with their worst performance gap against other Asian markets in roughly three decades. What's dragging things down? Two main culprits—a weakening rupee and consistent outflows of foreign capital. When you've got currency pressure working against you while international investors are simultaneously pulling money out, that's a double whammy for any market trying to keep pace with regional peers. The rupee depreciation is making imported goods and foreign investments less attractive on a relative basis, while the foreign outflows signal investor caution about near-term prospects. This kind of extended underperformance relative to the broader Asian landscape doesn't happen often—which is exactly why it's worth paying attention to how these dynamics might ripple across emerging market sentiment more broadly.