NEW YORK, Nov. 24 (Xinhua) -- The U.S. dollar gained ground against most of a basket of currencies in late trading on Wednesday amid rising inflation pressure and expectation of an earlier hike of interest rate by the Federal Reserve.

The dollar index, which measures the greenback against six major peers, rose 0.39 percent at 96.8639 in late trading.

U.S. personal consumption expenditure price index in October grew 0.6 percent month on month, higher than 0.4 percent of expansion in the previous month, according to the data issued by the U.S. Department of Commerce on Wednesday morning.

The index posted year-on-year growth of 5 percent in October, up from 4.4 percent in September, according to the U.S. Department of Commerce.

The Federal Reserve is expected to raise benchmark interest rates as early as mid-2022 with some calling for faster tapering of the bond purchasing program.

San Francisco Fed President Mary Daly on Wednesday said she certainly sees a case to be made for speeding up the tapering of Fed's bond purchasing program.

"If things continue to do what they've been doing, then I would completely support an accelerated pace of tapering," said Daly in an interview with Yahoo Finance.

The Fed has as much as 91.2 percent probability of raising benchmark interest rate by at least 25 basis points by the scheduled meeting of the Federal Open Market Committee on June 15, 2022, according to the FedWatch Tool on the website of CME Group.

The probability for at least 25 basis points of interest rate hike by then stood at 73.5 percent a day ago, according to the FedWatch Tool.

In late New York trading, the euro fell to 1.1199 dollars from 1.1250 dollars in the previous session, and the British pound fell to 1.3323 dollars from 1.3381 U.S. dollars in the previous session. The Australian dollar fell to 0.7192 dollar from 0.7223 dollar.

The U.S. dollar bought 115.43 Japanese yen, higher than 115.06 Japanese yen of the previous session. The U.S. dollar was up to 0.9341 Swiss franc from 0.9332 Swiss franc, and it fell to 1.2671 Canadian dollars from 1.2682 Canadian dollars.