US dollar declines to NT$29.783 on Taipei forex
CNATAIPEI, Taiwan -- The U.S. dollar fell against the New Taiwan dollar Thursday, shedding NT$0.045 to close at NT$29.783 as foreign institutional investors kept buying into the market, a move that boosted demand for the local currency, dealers said.
September 13, 2013, 12:06 am TWN
The weakness of the greenback against the Taiwan dollar also reflected a rebound staged by other regional currencies, in particular the South Korean won, on improving sentiment toward the economy in the region, the dealers said.
The U.S. dollar's downward slide, however, was capped by the local central bank's continued efforts to slow the pace of the New Taiwan dollar's appreciation in an attempt to make locally-made goods cheaper in the global market, they added.
The greenback opened at the day's high of NT$29.828 and moved to a low of NT$29.651 before rebounding. Turnover totaled US$593 million during the trading session.
Foreign investors moved more funds into Taiwan as they shrugged off the current political upheaval related to alleged influence-peddling by Legislative Yuan Speaker Wang Jin-pyng.
Wang has been stripped of his party membership by the ruling Kuomintang, which renders him ineligible to hold the top post in the Legislature.