US dollar gains NT$0.08 against Taiwan dollar
January 8, 2014, 12:29 am TWN
TAIPEI, Taiwan -- The U.S. dollar rose against the Taiwan dollar Tuesday, gaining NT$0.08 to close at NT$30.315, continuing momentum seen a session earlier as the local central bank further propped up U.S. currency, dealers said.
The move by the central bank to buy into the U.S. dollar and boost the Taiwan dollar's global competitiveness came as South Korea's won also saw significant depreciation, they said.
Earlier in the day, the U.S. dollar opened lower as traders locked in the significant gains posted Monday, the highest the U.S. dollar has closed against the Taiwan dollar since July 8
Monday's highpoint came amid expectations that the Bank of Korea will relax its monetary policy in a meeting scheduled for later in the week, a move could send the won lower.