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June 24, 2017

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New Taiwan dollar rises to NT$30.162 vs. greenback

TAIPEI, Taiwan -- Boosted by the further inflow of foreign capital, the Taiwan dollar on Wednesday rose NT$0.108 to close at a 3-month high of NT$30.162 against the U.S. dollar on the Taipei forex.

Dealers told the Central News Agency (CNA) that the Taiwan dollar went strong as local traders were encouraged by gains posted by other regional currencies to dump the greenback.

Foreign institutional buying in the local market also boosted demand for the Taiwan dollar, placing more downward pressure on the U.S. dollar throughout the trading session, they said.

Keeping with its recent practice, the local central bank entered the trading floor in the late session to slow down the pace of the Taiwan dollar's appreciation in a bid to reduce the impact on the country's global competitiveness, they added.

The greenback opened at NT$30.270, and moved between NT$30.030 and NT$30.289 before the close. Turnover totaled US$1.07 billion during the trading session.

After its flat opening, the U.S. dollar immediately began to fall into negative territory against the Taiwan dollar due to the strength of other regional currencies, including the South Korean won and the Chinese yuan, dealers said.

The won rose about 0.7 percent against the U.S. dollar at one point to hit a fresh high since August 2008 on market speculation that the government in Seoul will refrain from intervening in the currency's value and instead allow the unit to appreciate further, they said.

A rising yuan also pushed traders to buy into the Taiwan dollar after the People's Bank of China further raised the yuan reference rate against the U.S. dollar, dealers said.

The appreciation of the yuan followed a move by the U.S. Treasury Department to put the Chinese currency on notice, saying it has been watching closely whether China has kicked off another round of its currency depreciation cycle, they said.

At home, foreign institutional investors bought a net NT$6.37 billion (US$211 million) worth of local shares, a move which further lifted the value of the Taiwan dollar, dealers said.

The central bank's intervention pushed back the U.S. dollar to the NT$30.10 level after the greenback fell and moved closer to NT$30.00 during the session, they said.

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