The rupee depreciated 17 paise to 95.59 against the US dollar in early trade on Monday, as the overall risk-reward appears tilted towards weakness.
Forex traders said investors' sentiment turned cautious after the Reserve Bank of India on August 14 said that its swap facility for FCNR (B) deposits will be available only for deposits mobilised till August 31. Earlier, the cut-off date for Foreign Currency Non-Resident (Bank) or FCNR (B) deposits was September 30.