The New Taiwan dollar strengthened for a third day on speculation exporters bought the currency before the weeklong Lunar New Year holidays.
Trading volume per day fell to as low as US$597 million yesterday from a level of US$912 million on Jan. 11, Taipei Forex Inc’s data showed.
A government report on Feb. 8 showed the nation’s exports rose 75.8 percent in January, the biggest increase in more than 30 years.
“Banks will just meet real demand from exporters and importers,” said Henry Lin, a currency trader at Shin Kong Commercial Bank (新光銀行). “They will have to take a holiday. Today and tomorrow, the Taiwan dollar won’t see much volatility. Volumes will be small.”
The NT dollar gained NT$0.021, or 0.1 percent, to NT$32.045 against its US counterpart as of the 4pm close, Taipei Forex Inc said.
The local currency opened at NT$32.095 and at one point rose to NT$32.030 against the greenback.
On Jan. 15, the NT dollar reached NT$31.695 versus the US currency, the strongest level since Sept. 8, 2008, Taipei Forex Inc said.
The foreign-exchange market will close from Monday to Friday. The bond market is closed through Friday.
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