If you get paid in dollars and your expenses are in dollars then you obviously do not lose out on anything. Your buying power overseas is diminished when making purchases overseas if you are converting from USD to INR.
If you are paid in USD but the amount is deposited in equivalent rupees in India you should be able to get all your money out or transferred if needed.
Try Citibank India. They have what is called a fully repatriable account for Expats.
If you plan on using your CC or ATM in India make sure you let your bank know in advance or else you might be denied purchases as they suspect fraud when they see someone with an Iowa billing address making purchases in India!