TWD closes up slightly after sharper gains

At the end of trade, the local currency closed at NT$29.686 against the U.S. dollar, strengthening NT$0.023 from the previous session. Trade volume on Taipei Forex Inc. stood at US$837 million.

Earlier yesterday, the local unit saw a sharper increase, in keeping with currency appreciations across the Asia-Pacific.

Aso Taro, Japan's finance minister, had said that Japan has no intention to pool public and private money to purchase overseas bonds. The statement caused the yen to strengthen yesterday, reversing a downward trend that had lasted for sometime. Other Asian currencies, such as the Korean won, also followed suit.

For the New Taiwan dollar, it opened at NT$29.71 and soon went on an upward trend. At one point, it hit NT$29.55 against the greenback, strengthening NT$0.159.

A rally in Taiwan stocks also contributed to the local currency rise. Yesterday, the weighted index TAIEX closed up 17.35 to 7,960.88. Institutional investors purchased a net total of NT$2.627 billion, of which NT$2.445 billion came from foreign investors.

Yet as the day went on, Asian currencies lost momentum. Specifically, the yen met resistance at 93, while the won at 1,083.

The local currency's upward trend also lost steam towards the middle of the trade. Finally during the last 30 minutes of the session, buying emerged for the U.S. dollar, dragging down the local unit to its closing price of NT$29.686.

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