The U.S. dollar was heading for a weekly decline of nearly 1% as a sustained selloff in U.S. Treasuries eroded its yield advantage and intensified concerns about Washington’s fiscal outlook. The Dollar Spot Index fell 0.2% to about 98.74, near a three-month low, despite the U.S. Treasury doubling planned buybacks of long-dated debt to at least $4 billion per operation from September. Treasury prices initially rallied but gave up their gains as investors refocused on rising federal borrowing and gross national debt above $40 trillion. The 10-year Treasury yield returned to 4.70%, while the 30-year yield hovered near 5.25%, signaling increased fiscal skepticism among global bondholders. The euro was near a three-month high and on course for a fourth consecutive weekly gain, the pound rose 0.8% for the week toward a six-month high, and the yen gained 0.1% on Friday. The South Korean won led Asian emerging-market currencies with a 2.5% weekly surge, while the Australian dollar gained 1%. The Indian rupee lost 0.3% for the week as importer hedging and higher energy costs offset reported Reserve Bank of India interventions. Brent crude was near $94 a barrel, up more than 6% on the week amid heightened Persian Gulf war friction.