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May 23, 2017

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US dollar falls to NT$30.305 on Taipei forex, traders lock in gains

TAIPEI--The U.S. dollar fell NT$0.02 against the Taiwan dollar Tuesday to close at NT$30.305 as traders locked in gains posted in the greenback a day earlier, dealers said.

Selling in the U.S. dollar was triggered by the strength of other regional currencies, including the Japanese yen and South Korean won, which placed downward pressure on the U.S. currency, they said.

The losses suffered by the U.S. dollar, however, were capped by the local central bank's continued efforts in intervention in a bid to boost Taiwan's global competitive edge, they added.

The greenback opened at the day's high of NT$30.325, and moved to a low of NT$30.278 before rebounding. Turnover totaled US$433 million during the trading session.

The U.S. dollar opened flat but soon fell to the red as traders took profits from their earlier gains, cued by the yen and the won which, among other regional currencies, staged a rebound from a slump seen a day earlier, dealers said.

More funds were moved to the yen and the won as a safe haven as investors' appetite to take risks for other assets in the region was diminished after China reported disappointing export data for February, they said.

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