The Rupee opened weaker on Monday and will likely remain under pressure through the session after ?the central bank unexpectedly shortened by a month the deadline ?for its discounted forex swap facility for deposits from non-resident Indians. This comes despite the dollar ?retreating after weak U.S. retail sales data diminished expectations of ?a Federal Reserve rate hike next month. The Reserve Bank of India ?said late on Friday it is bringing forward by a month the ?cutoff for its discounted forex swap facility, following more than $50 billion in inflows from non-resident Indian deposits. Banks will now be allowed to tap the zero-cost hedging facility for ?overseas FX deposits raised by August 31, compared with the prior ?deadline of September 30, according to an RBI statement on Friday. While inflows have ?far exceeded expectations, ?bringing forward the ?cutoff date hurts sentiment for the rupee at a time when oil remains a headwind and the currency ?is already under strain from hedging by importers, ?he said. The ?deposit inflows had bolstered the RBI's forex war chest, with India's foreign-exchange reserves climbing to a four-month high of $707 billion through August 7. The ?larger reserve ?buffer provided the central bank more room ?to lean against rupee weakness. The yen gained ?momentum against the dollar, largely shrugging off weaker-than-expected Japanese GDP data as traders reined in expectations the Federal Reserve ?could raise interest rates this year. The yen was 0.2% stronger against the U.S. dollar at 158.965 yen, on track for a second straight day of modest gains against the greenback but still firmly within its trading range of the past week, after data released Monday ?showed Japanese GDP for the second quarter expanded at an annualised 1.1%. The euro was up 0.1% at $1.1582, ?nearing a two-month high, while the British pound was 0.2% stronger at $1.3556, approaching its firmest levels since May. The Australian dollar was 0.2% higher at $0.7096, its strongest level since June, while its kiwi counterpart advanced 0.3% to $0.5907. The U.S. dollar index , which measures the greenback's strength against a basket of six currencies, was 0.1% lower, trading near its lowest ?levels of the month at 99.519. Against the Chinese ?yuan , the U.S. dollar was flat at 6.7409 yuan in offshore trade ahead of activity data due for release later on Monday. Oil prices rose on Monday as fading expectations of a U.S.-Iran peace breakthrough and slower tanker traffic through the Strait of Hormuz reinforced geopolitical risk concerns in the market. Brent crude ?futures rose as much as 1% to $89.40 per barrel and were last trading ?up 72 cents at $89.20 by 0229 GMT. The U.S. West Texas Intermediate crude futures ?rose 44 cents to $82.83 a barrel.......