Rupee dips as US yields rebound amid Fed rate reassessment

The Indian rupee fell against the US dollar due to state-run banks buying dollars and the possible closing of positions by short speculators, who aimed to benefit from the fiscal year carry forward. While the rupee fell, Asian currencies experienced a mixed day as Treasury yields rebounded, which helped to support the dollar index. US 2-year bond yields rose to almost 4.1% on the back of a continuing decline in concerns surrounding the US banking sector, prompting a re-look at rate expectations by traders.