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US dollar rises to NT$30.047 on Taipei forex

TAIPEI--The U.S. dollar rose against the Taiwan dollar Wednesday, gaining NT$0.005 to close at NT$30.047 after moving in a narrow range on thin turnover, dealers said.

It was the third consecutive session in which the greenback appreciated against the local currency.

Further intervention by the local central bank helped the U.S. dollar recover its earlier losses, which were caused by foreign institutional buying in local shares as the domestic equity market extended gains from a session earlier, the dealers said.

The greenback opened at the day's high of NT$30.050 and moved to a low of NT$29.975 before rebounding. Turnover totaled US$449 million during the trading session.

The U.S. dollar opened higher on follow-through buying, but soon fell into the red as traders were encouraged by foreign institutional buying in the local market to pick up the Taiwan dollar, the dealers said.

Foreign institutional investors continued to serve as net buyers of NT$5.67 billion (US$189 million)-worth of local shares to push the weighted index on the Taiwan Stock Exchange up 0.47 percent, which boosted demand for the Taiwan dollar, they said.

As the South Korean won trended lower against the U.S. dollar, the local central bank seized the opportunity to buy into the greenback and lower the Taiwan dollar's value to protect Taiwanese exporters from their Korean counterparts in the global market, the dealers said.

The won, which fell 0.52 percent against the U.S. dollar at one point, weakened after Washington reported an improvement in new house construction data for July, indicating that the U.S. economy is on the way to recovery, they said.

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