Rupee drops after Powell dashes pivot hopes, premiums fall

Asian currencies struggled in the wake of rise in Treasury yields after Powell’s remarks at the press conference. Powell said rates could peak at higher levels than policymakers previously thought, while it is premature to discuss when the Fed might pause its increases.Meanwhile, the Fed’s policy statement said that the U.S. central bank will take into account the cumulative tightening of monetary policy, which analysts said hinted at smaller sized rate hikes from here on.