The U.S. dollar narrowed losses in late trading on Wednesday thanks to renewed expectation of another hike of interest rate by the U.S. Federal Reserve.

The dollar index, which measures the greenback against six major peers, fell 0.11 percent to 95.1473 at 3:00 p.m. (2000 GMT)

Federal Reserve was considering another rise of interest rate on its meeting dated from July 31 to Aug. 1, according to minutes of the meeting revealed on Wednesday.

Members of the Federal Open Market Committee agreed to update the characterization of their expectation for the evolution of the federal funds rate in the post-meeting statement to point to "further gradual increases" while maintaining the target range at the current meeting, said the minutes.

In late New York trading, the euro was up to 1.1588 dollars from 1.1572 dollars in the previous session, and the British pound was up to 1.2912 dollars from 1.2902 U.S. dollars in the previous session. The Australian dollar fell to 0.7345 dollar from 0.7365 dollar.

The U.S. dollar bought 110.57 Japanese yen, higher than 110.41 Japanese yen of the previous session. The U.S. dollar was down to 0.9834 Swiss franc from 0.9852 Swiss franc, and it decreased to 1.3005 Canadian dollars from 1.3044 Canadian dollars.