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<h1>RBI monetary policy deliberations amid forex swap liquidity moves shape currency weakness and market responses.</h1> Rupee depreciation is linked to foreign institutional outflows, tariff-driven global trade uncertainty, OMC demand for dollars, and liquidity adjustments by the Reserve Bank of India, including the return of funds under a forex swap. The RBI's Monetary Policy Committee has begun deliberations on the bi-monthly policy rate, with markets awaiting the decision alongside US macro releases and commodity-driven exchange-rate pressures.