Rupee slips 23 paise to close at 90.2 against dollar

MUMBAI: The rupee weakened on Friday, slipping below the 90-per-dollar mark amid importer dollar demand and thin liquidity, while markets assessed the RBI’s intervention stance and global risk cues. The currency closed 23 paise lower at 90.20 per dollar from Thursday’s close of 89.97. It opened around 89.95 and moved between an intraday high of 89.92 and a low of 90.25, marking its lowest close in two weeks and a decisive breach of the 90 level. Early support from dollar sales by state-run banks faded as demand from oil importers gathered pace through the session. Market focus remains on the tolerance for currency moves and the scale, timing, and instruments of intervention by the RBI, including FX swaps and liquidity operations.