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December, 5, 2016

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US dollar closes higher on Taipei forex at NT31.770

TAIPEI, Taiwan -- The U.S. dollar rose against the New Taiwan dollar Monday, gaining NT$0.098 to close at NT$31.770 as weakness among other regional currencies placed downward pressure on the local unit throughout the session.

Aggressive buying of the U.S. dollar boosted the currency to a high not seen since Aug. 29, when the unit closed at NT$31.801 against the New Taiwan dollar after a 0.6 percent rise seen a week earlier.

The greenback opened at NT$31.750, and moved between NT$31.730 and NT$31.840 before the close. Turnover totaled US$960 million during the trading session.

Soon after the local foreign exchange market opened, the U.S. dollar got a boost from follow-through buying from a week earlier, and the momentum continued for the rest of the session on the back of the losses suffered by other regional currencies, dealers said.

Amid fears over more fund outflows as a result of a possible interest rate hike by the U.S. Federal Reserve, likely in December, traders in the region continued to cut their holdings in regional currencies, the dealers said.

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