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Greenback closes lower against Taiwan dollar on forex

TAIPEI, Taiwan -- The U.S. dollar fell against the Taiwan dollar Wednesday, shedding NT$0.01 to close at NT$29.692 as traders took cues from a technical rebound staged by the Japanese yen, dealers said.

A higher local market on the back of further foreign institutional buying boosted demand for the Taiwan dollar, which added downward pressure on the U.S. dollar throughout the session, the dealers said.

However, the downturn of the U.S. dollar was largely recovered as the central bank stepped in to prop up the currency in a bid to slow the pace of the Taiwan dollar's appreciation, they added.

The greenback opened at NT$29.710 and moved between NT$29.555 and NT$29.730 before the close. Turnover totaled US$574 million during the trading session.

The U.S. dollar opened high, but selling followed immediately to push the currency down into the red in the wake of the strength of the yen, which rebounded from a six-month low, the dealers said.

The rebound helped the yen stop a losing four-session streak, promoting traders here to shift to the sell side for the U.S. dollar, they said.

Traders also seized upon a rising local equity market as a reason to further push the U.S. dollar to the day's low, with foreign institutional investors serving as net buyers of NT$3.44 billion (US$116 million)-worth of local shares, the dealers said.

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