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US dollar dips to close at NT$29.669

TAIPEI -- The U.S. dollar fell against the Taiwan dollar yesterday, shedding NT$0.046 to close at NT$29.669, the lowest level since May 29, as traders took cues from a rising euro to add to their holdings in the local currency, dealers said.

The strength of the euro, which rose to a four-month high against the U.S. dollar, reflected high hopes that the U.S. Federal Reserve will come up with further stimulus measures to boost the economy, they said.

The expectations of the U.S. Fed stimulus plans prompted traders to move their funds out of the greenback as a safe haven to other currencies, including the euro and units in the Asia region, the dealers said.

However, the losses suffered by the U.S. dollar against the New Taiwan dollar were offset to some extent by the local central bank's efforts to slow the pace of the local currency's appreciation in a bid to make Taiwan's goods cheaper in the global market, they said.

The greenback opened at the day's high of NT$29.720 and moved to an early low of NT$29.580 before rebounding. Turnover totaled US$816 million during the trading session.

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