US dollar closes higher on Taipei forex at NT$31.371

The China Post
Date: October 6, 2016

TAIPEI — The U.S. dollar rose against the New Taiwan dollar Wednesday, gaining NT$0.024 to close at NT$31.371, as renewed fears over an interest rate hike by the U.S. Federal Reserve prompted traders here to cut their holdings in the local currency, dealers said.

The weakness of the British pound also paved the way for selling in regional currencies and added more downward pressure on the New Taiwan dollar throughout the session, the dealers said.

The greenback opened at NT$31.360 and moved between NT$31.350 and NT$31.409 before the close. Turnover totaled US$674 million during the trading session.

Soon after the local foreign exchange market opened, the U.S. dollar moved higher against the New Taiwan dollar on follow-through buying, and momentum continued as investors feared that the chances of the Fed raising its key interest rates had increased, the dealers said.     [SOURCE]

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