US dollar increases to NT$29.979 in Taipei, offsets won pressure
January 3, 2014, 12:02 am TWN
TAIPEI, Taiwan -- The U.S. dollar rose against the Taiwan dollar Thursday, gaining NT$0.029 to close at the day's high of NT$29.979 as the local central bank bought into the greenback toward the end of the session, helping to reverse its earlier losses, dealers said.
The central bank's buying of the U.S. dollar offset the impact from downward pressure in the currency triggered by a rising South Korean won, the dealers said.
The central bank's intervention was part of its continued efforts to boost Taiwan's competitiveness at a time when major business leaders have been urging the bank to depreciate the Taiwan dollar in order to make locally made products cheaper in the global market, they said.
In 2013, the U.S. dollar rose 2.72 percent against the Taiwan dollar, with the gains appearing more visible in the last month of the year as the central bank accelerated its buying.
On Thursday, the greenback opened at NT$29.950 and moved to a low of NT$29.770 before rebounding. Turnover totaled US$769 million during the trading session.