The Indian rupee just crashed to its worst level ever recorded, though it's clinging to the psychological barrier of 90 against the dollar—barely. Why isn't it spiraling further? The central bank stepped in, reportedly burning through reserves to prop things up.

This isn't some isolated hiccup. Emerging market currencies are under siege right now, caught between aggressive Fed policy and weakening domestic fundamentals. When a major economy's currency hits record lows, it sends ripples through everything—including crypto markets where INR trading pairs see volume spikes during currency crises.

The 90-mark might be holding today, but interventions only buy time. They don't fix structural issues. Anyone trading rupee pairs or tracking South Asian markets should watch this closely. Once that psychological level breaks, the next floor could be much lower.