The Swiss one is exceptionally useful (8)

I believe the answer is:

penknife

(Other definitions for penknife that I've seen before include "Small folding pocket blade" , "Pocket cutter" , "A Swiss army one has several blades and many tools" , "A Swiss army one is particularly handy" , "What may be used for carving" .)

I've seen this clue in The Irish Times.

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