The dollar index rose above 104.5 on Wednesday, recouping some losses from previous sessions and inching towards a 20-year high reached last week as expectations that the Federal Reserve will continue to aggressively tighten monetary settings supported the currency. The US central bank raised its benchmark interest rate by 75 basis points last week, the largest increase since 1994, as it seeks to bring inflation under control. Investors are now awaiting Fed Chair Jerome Powell’s appearance before Congress on Wednesday and Thursday for fresh insight on the central bank’s future policy plans. Analysts expect the Fed to deliver another 75 basis point rate hike in July, followed by a 50 basis point increase in September. The dollar also benefited from safe-haven inflows spurred by fears of a global economic slowdown.