U.S. dollar closes lower on Taipei forex (update)

Focus Taiwan
Date: 2017/09/07
By: Frances Huang

Taipei, Sept. 7 (CNA) The U.S. dollar fell against the Taiwan dollar Thursday, shedding NT$0.043 to close at NT$30.062 amid rising hopes that the U.S. Federal Reserve will slow the pace of its rate hike cycle, dealers said.

Such expectations received a boost with the surprise resignation of U.S. Federal Reserve Vice Chair Stanley Fischer, who has been seen as a key supporter of interest rate normalization, they said.

Although foreign institutional selling in local equities helped the U.S. dollar combat downward pressure resulting from the Fed related developments, the U.S. currency still closed at its lowest level since May 22, when the unit ended at NT$30.052 against the Taiwan dollar, they added.

The greenback opened at a high of NT$30.090, and moved to a low of NT$30.010 before rebounding. Turnover totaled US$821 million during the trading session.

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