New York: In late trading, the US dollar gained ground against the majority of a basket of currencies, owing to increased inflationary pressures and expectations of an earlier rate hike by the Federal Reserve. In late trading on Wednesday, the dollar index, which compares the greenback to six major currencies, jumped 0.39 percent to 96.8639.

According to data released by the US Department of Commerce on Wednesday morning, the personal consumption expenditure price index increased 0.6 percent month over month in October, up from 0.4 percent in September. According to the US Department of Commerce, the index increased by 5% year over year in October, up from 4.4 percent in September.

According to news reports, the Federal Reserve is projected to raise benchmark interest rates as early as mid-2022, with some pressing for a faster tapering of the bond-buying programme.

On Wednesday, San Francisco Fed President Mary Daly said she believes there is a strong case to be made for speeding up the reduction of the Fed's bond-buying programme. "If things continue to go as they have," Daly said in an interview with Yahoo Finance, "I would absolutely support a quicker pace of tapering."

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