U.S. dollar closes lower on Taipei forex


TAIPEI — The U.S. dollar fell against the New Taiwan dollar yesterday, shedding NT$0.068 to close at NT$30.532. Turnover totaled US$754 million during the trading session.

The greenback opened at NT$30.600 and moved between NT$30.020 and NT$30.620 before the close.

The New Taiwan dollar gained as soon as the market opened, as investors took cues from upswings posted by other Asian currencies, in particular the South Korean won and the Chinese yuan, against the U.S. dollar, dealers said.

Selling of the greenback in the local market mainly came from foreign banks that expected depreciation of the U.S. dollar to continue after the U.S. announced that it will pump US$600 billion into the economy until the middle of next year, they said.

Although importers bought into the U.S. currency during the trading session to meet payment requirements, the buying lent limited support to the greenback, they added.

Taiwan’s central bank intervened again in the local foreign exchange to shore up the U.S. dollar, as it has done several times recently, to prevent the New Taiwan dollar from rising too rapidly and protect Taiwan’s global competitiveness, the dealers said.