Greenback rises to NT$30.320 on Taipei forex ahead of holidays
January 23, 2014, 12:24 am TWN
TAIPEI--The U.S. dollar rose against the New Taiwan dollar Wednesday, gaining NT$0.03 to close at NT$30.320 after Taiwan's central bank intervened late in the session to push the greenback into positive territory, dealers said.
The central bank's buying in the U.S. dollar offset selling of the greenback by local exporters who needed New Taiwan dollars to meet funding requirements ahead of the Lunar New Year holiday, they said.
The greenback opened at NT$30.320 and moved between NT$30.080 and NT$30.330 before the close. Turnover totaled US$977 million during the trading session.
The U.S. dollar opened higher on follow-through buying from a session earlier, but quickly fell into the red as local exporters resumed their selling of the U.S. currency, dealers said.
The opening strength of the greenback also gave exporters a good opportunity to lock in a favorable exchange rate at a time of strong demand for the local currency, they said.