Rupee strengthens vs dollar, up 18 paise in late morning

Mumbai: The rupee advanced by 18 paise to 66.13 against the American currency in late morning trade on selling of dollars by banks and exporters on the back of lower dollar in the overseas market.

The rupee resumed higher at 66.18 per dollar as against the 66.31 per dollar the Interbank Foreign Exchange (Forex) market on last Tuesday and firmed up further to 66.1050 per dollar before quoting 66.13 per dollar at 1100 hrs, showing a gain of 18 paise.

It moved in a range of 66.11 per dollar and 66.23 per dollar during the morning trades.

In the global market, the euro traded at its highest level in a week yesterday, as Federal Reserve Chairwoman Janet Yellen's reluctance to discuss the central bank's interest rate outlook made dollar bulls nervous.

In her opening remarks to a two-day research conference sponsored by the Fed, Yellen said nothing about the possibility of an interest rate increase at the Fed's December policy meeting.

Meanwhile, the benchmark BSE Sensex dropped by 285.51 points or 1.10 percent in late morning deals