March 19 (Reuters) -U.S. cotton futures dipped over 2% on Tuesday to touch its lowest in close to a month, pressured by a stronger dollar and an overall downbeat sentiment across the wider equity and grains market.

* Cotton contract for May CTc1 fell 2.22 cents, or about 2.4%, to 92.33 cents per lb by 11:51 a.m. ET (1551 GMT).

* The contract earlier hit its lowest since Feb. 22.

* "The dollar has been rallying a little bit and I think that is keeping the demand in check," said Jack Scoville, vice president at Chicago-based Price Futures Group.

* "It's an old crop thing based on the demand fundamentals."

* The dollar index is around its highest in over two weeks, up about 0.5% on the day at 103.91. USD/

* A higher dollar makes the natural fibre more expensive for overseas buyers.

* Chicago wheat futures consolidated after a sharp rebound in the previous session, while corn and soybeans were also little changed, with pressure from the dollar and South American harvests offset by uncertainty over the U.S. planting season. GRA/

* The S&P 500 and Nasdaq fell as sentiment remained fragile ahead of the Federal Reserve's March policy meeting. .N

* Meanwhile, speculators cut net long positions by 2,656 contracts to 68,334 contracts in ICE U.S. cotton futures in the week of March 12. CFTC/

Reporting by Rahul Paswan in Bengaluru; Editing by Vijay Kishore