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US dollar closes at day's high of NT$29.472 in Taipei

TAIPEI--The U.S. dollar rose against the Taiwan dollar Tuesday, gaining NT$0.012 to close at the day's high of NT$29.472 after moving in a narrow range.

Traders were focused on a U.S. Federal Reserve policymaking meeting scheduled to start later in the day and were reluctant to take strong positions, dealers said, and the local central bank intervened late in the session to move the greenback into positive territory.

The U.S. dollar opened at NT$29.460, and moved between NT$29.400 and NT$29.472 before the close. Turnover totaled US$690 million during the trading session.

The U.S. dollar opened unchanged from the previous close, but selling set in as traders reacted to the strength of the South Korean won and cut their greenback holdings in exchange for the Taiwan dollar, dealers said.

The won hit a two-year high against the U.S. dollar at one point Tuesday after the Seoul government reported an increase in its current account surplus for September from a month earlier. Buying in the won also reflected optimism toward the country's exports outlook.

Despite the lead from South Korea, however, the Taiwan dollar fluctuated in a narrow range throughout the session as investors were waiting for the result of the upcoming Fed meeting, which ends Wednesday, dealers said.

Though global financial markets are anticipating that the U.S. central bank will maintain its monthly US$85 billion bond-buying spree, many traders preferred to stay on the sidelines, they said.

Taiwan share prices closed up 13.15 points, or 0.15 percent at 8,420.98 Tuesday on turnover of NT$67.86 billion (US$2.31 billion).

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