The Australian dollar is slightly lower as the currency stabilises ahead of the Reserve Bank of Australia's board meeting.
At 1700 AEDT on Monday, the local unit was trading at 87.48 US cents, down from 87.68 cents on Friday.
During the local session, the Australian dollar traded between 87.42 US cents and 87.76 cents.
The RBA board is not expected to cut the cash rate on Tuesday and most economists believe there won't be any more interest rate cuts for the forseeable future.
In the latter half of 2013 when the currency was above 90 US cents, RBA governor Glenn Stevens said on numerous occasions that the Australian dollar was "uncomfortably high" and expressed his willingness to take action to weaken the currency.
FXCM market analyst David de Ferranti said the Australian dollar's fall below 90 US cents would be a key factor in the interest rate cutting cycle coming to an end.
"The decline in the exchange rate has likely contributed to the rise in tradables prices and inflation expectations, which lessens the scope for accommodative policy," he said.
"However, the rebalancing of the domestic economy would still benefit from a lower value of the currency, meaning there is an argument for further browbeating from the RBA, which would likely lead the Australian dollar lower.
"While the Reserve Bank is widely anticipated to leave rates on hold tomorrow, traders will be taking cues from the central bank's statement, particularly its determination in jawboning the Australian dollar lower."