India is emerging as the canary in the mine for Asia's money market. With rising US rates forcing many financial players in markets to sell off, the Indian economy is at the crossroads because of its heavy dependence in foreign currency.

The Indian rupee has declined the most amongst the emerging economies after the South African rand since May of 2013. Many investors have pulled out their assets as momentum gains in the return to strict governance of the once free wheeling US monetary policy.

There are other markets that are also falling, though to a much smaller extent, because of the reversal of net inflows since 2008. This is the time when the Federal Reserve undertook the first of the many economic stimulus programs. Amongst the economies that have suffered massive outflows are Indonesia, the Philippines and Thailand.

According to Tim Condon, Asia economist for Singapore based ING, "There was a lot of hot money in Thailand, Indonesia and the Philippines and these remain the most vulnerable as long as the contagion persists. If one domino were to fall, I would be looking at India because of the current account deficit."