India's sovereign bonds that qualify for inclusion in major global indexes are experiencing record-breaking monthly outflows. The culprit? A weakening rupee combined with market signals that the Reserve Bank is wrapping up its interest-rate cutting cycle. The combination is creating headwinds for foreign investors holding these securities. When central banks signal they're nearing the end of easing, it typically pressures emerging market currencies and bond valuations. The rupee's deterioration makes dollar-denominated returns less attractive, while the prospect of stabilized (or eventually rising) rates removes the incentive for yield-hunting flows. This dynamic mirrors similar patterns across emerging markets when monetary policy cycles shift.