The Indian rupee slipped to a two-week low around ₹88.40 per US dollar in early trading as importer dollar demand and maturing non-deliverable forward (NDF) positions weighed on the currency. Intervention by state-run banks on behalf of the Reserve Bank of India helped curb further falls, but traders warn the currency remains vulnerable until global dollar strength eases and foreign flows pick up. Analysts expect the rupee to trade in a narrow range around ₹88 as large importer hedges expire this week.