In EM currencies against US dollar, INR has so far been performing better. Lower crude oil prices helped to sustain the sharp decline in India's current account deficit to 1.3% in Q2 2015, from 5% of Q2 2013.

There is a sharp boost in FDI investment as well due to government reform efforts, rose by 13% through Q3 2015, when compared to last year's same period.

"Reduced external vulnerability, combined with a vigilant central bank, which resisted calls to further cut interest rates in December, leaves the rupee relatively well insulated from Fed tightening fears", says Lloyds Bank in a research note. 

This does not mean to have immunity, there are expectations og slight depreciation pressures to build on INR in near term. Given the economic activity continues to accelerate with improvement in underlying productivity, there is scope for a modest depreciation.

Currently, INR is trading at 66.96 against USD.