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May 1, 2017

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US dollar falls to NT$30.346 on local forex on Yellen remarks

TAIPEI--The U.S. dollar fell against the New Taiwan dollar Wednesday, shedding NT$0.06 to close at NT$30.346 amid eased concerns over the U.S. Federal Reserve's tapering of its stimulus program, dealers said.

The reduced anxiety over the Fed's next move came after the U.S. central bank's new chairwoman Janet Yellen told a congressional committee on Tuesday that the Fed will continue to scale back its bond-buying program in "measured steps," they said.

A rebound staged by Taiwan's stock exchange on the back of foreign institutional buying added further downward pressure on the U.S. dollar throughout the session, dealers said.

The greenback recouped most of its earlier losses late in the session when Taiwan's central bank intervened in support of the U.S. dollar to limit the appreciation of the New Taiwan dollar and keep the country's exports competitive.

The greenback opened at the day's high of NT$30.406, and moved to a low of NT$30.280 before rebounding. Turnover totaled US$731 million during the trading session.

The U.S. dollar opened flat, but soon fell into negative territory against the New Taiwan dollar as traders seized on Yellen's comments to cut their greenback holdings, dealers said.

Taiwanese exporters sold their U.S. dollars as regional currencies, in particular the South Korea won, trended higher, boosted by Yellen's pledge to wind down the Fed's fund injections gradually and leave interest rates at historical lows, they said.

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