The Indian rupee just hit a fresh all-time low, and honestly, the timing couldn't be worse. Capital flows have been anemic lately, and with US trade negotiations going nowhere fast, there's zero relief in sight. What's ironic? India's growth numbers are actually crushing it right now. But markets don't care about backwards-looking GDP when the forward outlook is this murky. Classic case of macro sentiment trumping fundamentals. Currency traders are clearly pricing in prolonged uncertainty, and until Washington gets its act together on trade deals, expect continued pressure on emerging market currencies. The rupee's just the canary in the coal mine here.