New Delhi, May 22 -- Much of the discussion around the US market today revolves around AI, mega‑cap earnings, and the S&P 500's record highs. What often gets overlooked is the role of the US dollar and Treasury yields, which quietly but powerfully influence the returns Indian investors see on their US portfolios. In mid‑May 2026, the 10‑year Treasury yield has climbed above 4.5%, and the dollar has strengthened over the past week as traders price in a more hawkish Fed stance, underscoring that the "macro backdrop" is far from benign. For Indian investors, this means it is no longer enough to think only in equity terms; they must also consider the broader macro playbook.

The dollar's role in rupee returnsCommentary in Ma...