The New Taiwan dollar dropped 0.2 percent to NT$32.579 against the US currency at the close of trading yesterday on rising demand for the greenback, but the trend may reverse soon, dealers said.
Turnover was NT$1.078 billion (US$32.9 million) on Taipei Forex Inc and NT$651 million on the smaller Cosmos Foreign Exchange, bringing total transactions to NT$1.729 billion, data from the two companies showed.
The NT dollar opened at NT$32.705 and fluctuated between NT$32.575 and NT$32.763 during the trading session.
A local currency trader said foreign funds reduced their holdings of the NT dollar after the stock market shed 1.55 percent yesterday.
Local shares closed 107.08 points lower at 6,786.06 on turnover of NT$159.01 billion, tracking Wall Street’s overnight fall and weaker regional markets, dealers said.
“Foreign funds, exporters and the central bank all contributed to the NT dollar’s decline,” a Taipei currency dealer said by telephone on condition of anonymity.
The dealer said the trend was unlikely to hold out and the NT dollar would soon pick up on capital repatriation. However, he said that the central bank was unlikely to allow the NT dollar to rise above the NT$32.3 level to avoid negatively impacting on the nation’s exports.
So far this quarter, the NT dollar has risen 4.1 percent against the US currency because of waves of capital repatriation. The local currency rose to NT$32.228 on June 1, the strongest level since Oct. 14.
Another dealer at a foreign bank said yesterday that the NT dollar would likely trade between NT$32.30 and NT$32.81 in the short run.
“The central bank would intervene when the NT dollar rises or fall by more than NT$0.3 against the US dollar,” the dealer said, also requesting anonymity.
He predicted the local currency would resume its rally after the stock price adjustment ends.
“Taiwan’s economy is in better shape than most parts of the world despite the downturn,” the dealer said.
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