The Indian rupee weakened to around 95.49 per dollar, touching a two-week low after the Reserve Bank of India unexpectedly brought forward the deadline for its discounted foreign-exchange swap facility tied to FCNR(B) deposits. The RBI shifted the cutoff for the zero-cost hedging facility for non-resident deposits to August 31 from September 30, a move that raised concerns about future dollar inflows even though the scheme had already attracted more than $50 billion. The rupee also remained under pressure from elevated oil prices and continued importer hedging demand, offsetting support from a softer U.S. dollar after weak U.S. retail sales data tempered expectations of a Federal Reserve rate hike next month. The RBI was also reported to be selling dollars through state-run banks to limit the currency's losses, while foreign-exchange reserves rising to a four-month high of $707 billion through August 7 gave the central bank more capacity to defend the rupee.