The US Dollar index has slipped more than 5% in the last 3 months. This has led to a sharp rise in EM currencies with South African Rand leading the pack. Although the Rupee seems to have strengthened over the last few years its relative performance among peers is a lot less appealing.

Insight- In case of a US Dollar rebound the underperforming currencies like Indonesian Rupiah, Brazil Real and Indian Rupee are likely to see steeper declines.