Rupee takes a dive below 90: What’s causing the splash?

On Friday, the rupee took a tumble, slipping below 90 against the dollar due to a corporate dollar frenzy. With the US on holiday, trading was quieter than a library. The rupee closed at 90.21, down from 89.97, as the RBI struggled to keep things steady amidst some dollar drama. Meanwhile, India's foreign exchange reserves got a boost of $3.2 billion!