The US dollar/Indian rupee exchange rate rapidly falls below 90, bank officials attribute it to foreign banks selling off.

The USD/INR exchange rate hit a new low of 89.90 in the interbank matching system; according to traders, the rate dropped from nearly 90.25 to this level in just a few minutes. Two traders stated that selling by foreign banks caused the decline in prices, not intervention by the Reserve Bank of India. Both parties are unclear about the specific factors that led to the appearance of this selling situation. Due to selling pressure, the USD/INR exchange rate once again failed to break through the resistance levels of 90.28 - 90.30.