The rupee today slipped by seven paise to 55.30 in late morning trade on Tuesday due to renewed dollar demand from banks and importers amid lower equities. Earlier the rupee resumed higher at 55.15 per dollar as against the last closing level of 55.23 per dollar at the Interbank Foreign Exchange Market, but later hovered in a range of 55.3250 per dollar and 55.05 per dollar before quoting at 55.30 per dollar at 1100 hrs.