Greenback closes lower in Taipei forex
CNATaipei -- The U.S. dollar fell against the Taiwan dollar Friday, shedding NT$0.035 to close at NT$30.025 as exporters bought into the local currency to meet seasonal fund demands at the close of the year, dealers said.
December 28, 2013, 12:05 am TWN
The strength of other regional currencies, such as the Japanese yen, the South Korean won, and the Chinese yuan, added downward pressure on the U.S. dollar throughout the session, they said.
The local central bank jumped into the trading floor to slow down the pace of the Taiwan dollar's appreciation, its bid to strengthen the country's global competitiveness, they said.
Losses posted by the U.S. dollar on Friday stopped a 13-day gaining streak of the currency that had been caused by fund outflows.
The greenback opened at NT$30.060 and moved between NT$29.953 and NT$30.070 before the close. Turnover totaled US$662 million during the trading session.
After opening flat, selling of the currency set in as local exporters rushed to unload the unit and buy into the Taiwan dollar to prepare for the closing of their books as the year ends, dealers said.
The local central bank's presence appeared more visible after the U.S. dollar fell below the NT$30 mark, indicating that the bank aimed to maintain the greenback above that level in the near term, dealers said.