Dollar Weakens Amidst Fiscal Worries and Rising Yields

The US dollar declined against major currencies during the week ended August 21 due to fresh fiscal worries triggered by the US debt crossing $40 trillion.

The losses were contained as the minutes of the Federal Open Markets Committee released on Wednesday suggested a rate hike in September could not be ruled out.

The Dollar Index, which measures the dollar's strength against a basket of 6 currencies, dropped almost 1% on a weekly basis.