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May 28, 2017

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TWD hits NT$29.289 against dollar on hot money

The New Taiwan dollar closed at NT$29.289 against the greenback yesterday, after surging to a high of NT$29.17 at one point during the trade as concerns over continued financial woes in Europe drove hot money to Asia, dealers said.

Asian currencies surged yesterday after reports that Spain was asking for bailout assistance. The news sent the greenback on a tailspin. The Korean won strengthened past 1,110 yesterday morning, resulting in a similar appreciation of the local currency, which opened at NT$29.345 and instantly surged past NT$29.2 to NT$29.17, the highest since May 2. At noon the New Taiwan dollar stood at NT$29.225, rising NT$0.12 from the previous trade.

At the end of the session, though, the rising trend lost traction, bringing the local currency down to its closing figure of NT$29.289, a rise of NT$0.056 from Monday, on trade volume of US$818 million.

Meanwhile, the Central Bank of the Republic of China (Taiwan) again reiterated its "buy stocks or get out" policy against foreign investors, aiming to prevent them from parking their money in Taiwan for speculative purposes.

According to the monetary authority, ever since the launch of the third quantitative easing measures by the United States, it has monitored Taiwan's foreign exchange market closely. Foreign capital entering Taiwan for three days without buying stocks will be asked to leave, the bank said.

Meanwhile, all local banks are required to finalize foreign currency dealings with clients promptly at 3:30 p.m. when they close for business. This measure facilitates the central bank's effort to bring down the New Taiwan dollar to an ideal level, it said.

Separately, shares on the Taiwan Stock Exchange staged a technical rebound yesterday as investors resumed buying in the high-tech sector, boosting the broader market by the end of the session, dealers said.

The weighted index closed up 52.12 points, or 0.70 percent, at the day's high of 7,471.02, off an early low of 7,437.79, on turnover of NT$58.41 billion.

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