Focus Taiwan
Date: 2017/12/28
By: P.S. Chiu and Flor Wang
Taipei, Dec. 28 (CNA) The U.S. dollar fell sharply against the Taiwan dollar Thursday,
By P.S. Chiu and Flor Wang
shedding NT$0.1 to close at NT$29.840 — the lowest for more than four years.
The greenback opened at the day’s high of NT$29.937 and moved to a low of NT$29.750 before rebounding. Turnover totaled US$873 million during the trading session.
“It has been a long time since the Taiwan dollar appreciated so much against the U.S. unit,” market dealers said, attributing the strong rise of the local currency to the influx of foreign capital aimed at purchasing shares in Taiwan and selling pressure from local exporters who fear that the greenback might further lose value.
The U.S. dollar dropped almost NT$0.2 against the Taiwan dollar at one point during Thursday’s session, but its losses narrowed toward the close of the trading because of strong buying by local importers. [FULL STORY]