US dollar closes up at NT$30.032 on Taipei forex
CNATAIPEI, Taiwan -- The U.S. dollar rose against the Taiwan dollar Wednesday, gaining NT$0.03 to close at NT$30.032 after moving in consolidation mode on a lack of fresh leads, dealers said.
August 15, 2013, 12:07 am TWN
Trading volume shrank as many local traders remained cautious about what the U.S. Federal Reserve will do next about its bond-buying program, the dealers said.
It was the third consecutive session for the greenback to appreciate against the Taiwan dollar.
The U.S. dollar opened at the day's high of NT$30.060, and moved to a low of NT$29.959 before rebounding. Turnover totaled US$474 million during the trading session.
The U.S. unit regained steam soon after the local foreign exchange market opened as traders took cues from the weakness of other regional currencies, in particular the South Korean won, the dealers said.
The won fell 0.3 percent against the U.S. dollar at one point, the steepest decline in two weeks, on expectations that the Fed will start to scale back its monthly US$85 billion stimulus plan from September.
After several Fed officials spoke about the possibility of a tapering-off in liquidity-easing measures, many currency traders in Taiwan and around the region have been inclined to believe the U.S. central bank will change its course as early as in September, when the next policymaking meeting is held, the dealers said.