The Indian rupee slipped against the U.S. dollar in the evening session on Monday, as the latter strengthened across the board on hopes that the Fed would continue with gradual rate hikes during the year.

Indian bond yields also tumbled after the Reserve Bank of said it would buy government bonds worth up to Rs 10,000 crore on May 17.

The rupee dropped to a 15-month low of 67.26 against the greenback, from last week's closing value of 66.81. If the rupee continues its decline, 68.00 is possibly seen as its next support level.

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