US dollar closes at NT$29.752 in Taipei
CNATAIPEI, Taiwan -- The U.S. dollar fell against the Taiwan dollar Wednesday, shedding NT$0.008 to close at NT$29.752 in moderate trading as many traders held back before the U.S. Federal Reserve's two-day meeting was to conclude later in the day, dealers said.
September 19, 2013, 12:25 am TWN
Taiwan's central bank again intervened in the foreign exchange market, buying U.S. dollars late in the session to help the greenback recover most of its losses, dealers said.
The central bank has been urged by the private sector, and especially Taiwan's exporters, to maintain downward pressure on the local currency as regional rivals benefit from depreciations, they said.
The greenback opened at the day's high of NT$29.760 and moved to a low of NT$29.620 before rebounding. Turnover totaled US$661 million during the trading session.
Prior to the central bank's intervention, the U.S. dollar moved generally lower against the Taiwan dollar because of foreign institutional investors' continued injection of funds into Taiwan's stock market, dealers said.
During the stock market session, foreign institutional investors bought a net NT$3.53 billion (US$118.6 million) in shares to boost demand for the Taiwan dollar, they said.
The forex market was otherwise quiet as many traders retreated from the trading floor, preferring to wait for the outcome of the Fed's policymaking meeting before making their next move, dealers said.