SAS treats the characters '\' & '/' as delimiters for macro variables as well and it resolves correctly without the  period. 
   
 %let path_folder = C:\_localdata\;
libname test "&path_folder\temp"; 
 The log will show both work the same: 
   
 129  %let path_folder = C:\_localdata\;
130
131  libname test "&path_folder/temp";
NOTE: Libref TEST was successfully assigned as follows:
      Engine:        V9
      Physical Name: C:\_localdata\\temp
132  %let path_folder = C:\_localdata\;
133
134  libname test "&path_folder\temp";
NOTE: Libref TEST was successfully assigned as follows:
      Engine:        V9
      Physical Name: C:\_localdata\\temp
135  libname test "&path_folder.\temp";
NOTE: Libref TEST was successfully assigned as follows:
      Engine:        V9
      Physical Name: C:\_localdata\\temp
 
						
					
					... View more