US dollar closes higher on local forex as investors flee

The China Post
Date: November 12, 2016

TAIPEI — The U.S. dollar rose against the Taiwan dollar Friday, gaining NT$0.212 to close at NT$31.801 as foreign investors moved their funds out of the region, sparking selling in the local currency, dealers said.

Massive foreign institutional selling in local equities added downward pressure on the Taiwan dollar and gave an additional boost to the U.S. dollar throughout the session, they said.

Friday’s closing level for the U.S. dollar was the highest since Aug. 29, when the currency also ended at NT$31.801.

The greenback opened at NT$31.370, and moved between NT$31.720 and NT$31.807 before the close. Turnover totaled US$1.02 billion during the trading session.     [FULL  STORY]

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