The article examines how interest rates in India are influenced by both domestic and international factors. It finds that international interest rates have a bigger impact, with some delay. Domestic variables like Bank Rate and Federal Funds Rate don't have much effect. Interest rates in India follow cyclical patterns similar to developed countries, and each type of interest rate will peak at different times. This is likely due to India's economy being connected to global markets. Similar trends may be seen in other emerging Asian economies.