Rupee slips 17 paise against dollar amid RBI FCNR swap deadline pressure

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The Indian rupee weakened by 17 paise against the US dollar at the start of Monday's trading session. The decline was driven by the Reserve Bank of India's decision to advance the deadline for a foreign currency non-resident deposit swap. While the RBI had previously attracted significant foreign currency inflows through this scheme, analysts expect only temporary support for the rupee before further weakness sets in. Domestic stock markets also opened lower, adding to the negative sentiment surrounding the session.

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