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April 30, 2017

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US dollar climbs by NT$0.005 to NT$30.045 on Taipei forex

TAIPEI--The U.S. dollar rose against the New Taiwan dollar Tuesday, gaining NT$0.005 to close at the day's high of NT$30.045 after buying by the central bank helped the greenback reverse its earlier losses at the close, dealers said.

The central bank's intervention offset the impact of the strength of other regional currencies such as the South Korean won and the Chinese yuan against the U.S. dollar, the dealers said.

The greenback opened at NT$30.040 and moved to a low of NT$29.920 before rebounding. Turnover totaled US$1.23 billion during the trading session.

After opening flat, the U.S. dollar soon turned weaker against the New Taiwan dollar as traders were encouraged by the rising won, which hit a two-month high against the greenback at one point, the dealers said.

The gains posted by the won came after moves by many South Korean exporters to send funds from overseas back to their home market, which boosted demand for the Korean won and also pushed up buying interest in other regional currencies, like the New Taiwan dollar, they said.

The New Taiwan dollar also got a boost from a stronger yuan, which rose 0.10 percent at one point after the People's Bank of China, the Chinese central bank, raised the yuan's reference rate against the U.S. dollar, prompting traders in the region to think the Chinese authorities will allow its currency more room to appreciate, the dealers said.

Even before the local central bank's intervention, the upturn of the New Taiwan dollar was capped to some extent by sell-offs by foreign institutional investors in the local market, sending the weighted index on the Taiwan Stock Exchange into a tailspin, down 2.02 percent at the close, they said.

The central bank is expected to continue to prevent the U.S. dollar from falling below the NT$30 mark in the short term as Taiwan has been gearing up to strengthen its competitive edge in the global market, the dealers said.

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