New york: The US dollar hovered near six-week lows on Wednesday, relinquishing much of the ground it had gained since the onset of tensions in the Middle East. This shift in the dollar's position comes as prospects for renewed talks between the United States and Iran have bolstered market risk appetite. According to Qatar News Agency, the dollar index, which tracks the performance of the US currency against a basket of six major currencies, was recorded at 98.13. This level marks its lowest point in over six weeks, reflecting the growing optimism in the market. The euro, having recovered from losses triggered by the conflict, remained stable around $1.1791, close to its peak since March 2. In the currency market, the British pound held its value at $1.35715, while the Japanese yen experienced a slight decline, trading at 158.975 per US dollar. Meanwhile, the risk-sensitive Australian dollar reached its highest level since March 12, maintaining a steady position at US$0.7124 during early trading sessions. T he US dollar had previously benefited from safe-haven flows throughout March. However, with the increasing optimism surrounding a potential ceasefire and resolution, the dollar has depreciated by nearly 1.7% this month against other major currencies.