NIFTY (Popular Indian equity index) has delivered huge alpha (dollar terms) over S&P 500 (U.S) every time rupee depreciated beyond certain level.
In last 10 years, there were three occasions wherein rupee depreciated against dollar beyond 15% in a span of less than a year due to various reasons.
It is interesting to note that, NIFTY long trade initiated at the point (INR depreciated in excess of 15% against USD) has delivered up to 230% alpha over S&P 500 (U.s) in next one year.
In the last few months (Since February 2018), INR has depreciated against USD in excess of 15%.
Based solely on past observations, an Investor can look at Indian markets for alpha over US Indices during these periods.