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May 28, 2017

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US dollar declines to NT$30.240 on Taipei forex

TAIPEI, Taiwan -- The U.S. dollar fell against the New Taiwan dollar Wednesday, shedding NT$0.075 to close at NT$30.240 as traders were influenced by the strength of the South Korean won to buy into the local currency, dealers said.

The decline of the U.S. dollar in the local foreign exchange market was limited, however, by the local central bank, which entered the trading floor late in the session to help the greenback recoup most of its earlier losses by the end of the session, they said.

The U.S. dollar's depreciation ended a four-session winning streak against the New Taiwan dollar enjoyed by the currency.

The greenback opened at NT$30.315, and moved between NT$30.050 and NT$30.320 before the close. Turnover totaled US$755 million during the trading session.

The U.S. dollar opened flat, but selling set in to push the unit into negative territory in the wake of a rebound staged by the won, dealers said.

The won had risen 0.4 percent against the U.S. dollar at one point during the day on a technical rebound from an eight-week low seen Tuesday as Korean exporters sold the greenback in exchange for the won to lock in a preferable exchange rate, they said.

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