US dollar closes at NT$29.763 on Taipei forex
CNATaipei--The U.S. dollar fell against the Taiwan dollar Thursday, shedding NT$0.017 to close at NT$29.673 as traders here took cues from a rebounding South Korean won to dump the greenback and buy into the local currency, dealers said.
September 27, 2013, 12:08 am TWN
A move by the People's Bank of China (PBOC) to raise the reference rate for the Chinese yuan in exchange for the U.S. dollar also placed downward pressure on the U.S. dollar in the local market, the dealers said.
However, the U.S. dollar recouped most of its earlier losses after the local central bank intervened to prop up the currency in a bid to slow the pace of the Taiwan dollar's appreciation, they added.
The greenback opened at the day's high of NT$29.690 and moved to a low of NT$29.535 before rebounding. Turnover totaled US$709 million during the trading session.
The U.S. dollar opened flat in the local foreign exchange market, but selling emerged to drag down its value in the wake of the strength of the won, which staged a rebound to hit an eight-month high against the greenback at one point, the dealers said.