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June 28, 2017

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US dollar falls NT$0.023 to NT$30.352 on Taipei forex

TAIPEI--The U.S. dollar fell against the New Taiwan dollar Thursday, shedding NT$0.023 to close at NT$30.352 as the local market staged a rebound to boost demand for the local currency, dealers said.

The strength of the South Korean won also placed downward pressure on the U.S. dollar, while a move by the People's Bank of China (PBOC) to raise the reference rate for the Chinese yuan added to selling in the U.S. currency, the dealers said.

The downtrend of the U.S. dollar, however, was capped by the local central bank's further efforts to help the unit recoup most of its losses at the end of the session, they added.

The greenback opened at the day's high of NT$30.375 and moved to a low of NT$30.272 before rebounding. Turnover totaled US$538 million during the trading session.

The U.S. dollar opened flat, but immediately fell into negative territory as traders here took cues from the strength of the local market, led by high-tech large-cap stocks, to sell the greenback to raise their New Taiwan dollar holdings, the dealers said.

Foreign institutional investors bought a net NT$5.5 billion (US$181.20 million)-worth of local shares to push the weighted index on the Taiwan Stock Exchange up 0.72 percent by the close.

The won gained 0.1 percent against the U.S. dollar at one point in the regional market in reflection of a rebound staged by equities in South Korea, which gave a strong indication to traders here to dump the greenback, the dealers said.

The PBOC raised the reference rate for the yuan for exchange for the U.S. dollar by 0.04 percent from a session earlier, a move that prompted traders in the region to think the Chinese authorities will tolerate a wider upswing for its currency against the U.S. unit, they said.

The stronger yuan also served as a driver to other regional currencies, including the New Taiwan dollar, they added.

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