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<h1>Rupee slips past 90 after a policy rate cut; RBI stresses swaps are liquidity measures, not exchange-rate targeting.</h1> The rupee fell past 90 per dollar after the central bank cut its policy rate and introduced liquidity measures; the RBI characterised USD/INR buy-sell swaps as a liquidity measure, not direct rupee support, and reiterated it does not target an exchange-rate band while noting adequate foreign exchange reserves and a manageable current account.