NEW YORK, March 22 (Xinhua) -- The U.S. dollar inched lower in late trading on Tuesday as risk-on sentiment returned to the market, denting demand for the safe-haven currency.

       The dollar index, which measures the greenback against six major peers, fell 0.0030 percent at 98.4940.

       In late New York trading, the euro was up to 1.1025 U.S. dollars from 1.1019 dollars in the previous session, and the British pound rose to 1.3254 dollars from 1.3163 U.S. dollars in the previous session. The Australian dollar increased to 0.7458 U.S. dollar from 0.7393 dollar.

       The U.S. dollar bought 120.74 Japanese yen, higher than 119.46 Japanese yen of the previous session. The U.S. dollar fell to 0.9328 Swiss franc from 0.9335 Swiss franc, and it decreased to 1.2585 Canadian dollars from 1.2597 Canadian dollars.

       On Monday, the dollar index increased 0.27 percent after Federal Reserve Chair Jerome Powell vowed tough action on inflation.

       Powell said at the National Association for Business Economics on Monday that inflation is "much too high," adding the Fed "will take the necessary steps to ensure a return to price stability."