The New Taiwan dollar fell against the US dollar on Friday, losing NT$0.002 to close at NT$32.772 as the greenback recouped its early losses to return to positive territory on the back of further intervention by Taiwan’s central bank, dealers said.
The local central bank’s buying helped offset the effects of a strong technical rebound by the local equity market, which lowered demand for the NT dollar, dealers said.
The greenback opened at NT$32.77 and moved between NT$32.240 and NT$32.775 before the close. Turnover totaled US$1.001 billion during the trading session.
The US dollar opened flat against the NT dollar, but soon faced selling and traders were motivated by a strong showing on the local equity market to pick up the local currency, dealers said.
According to the Taiwan Stock Exchange (TWSE), the weighted index closed up 2.48 percent at 8,019.18 on Friday in reflection of a soaring Wall Street overnight, after foreign institutional investors bought a net NT$4.21 billion (US$128 million) worth of local shares on the main board.
The strength of the South Korean won, which is closely followed by traders here to map out their trading strategies for the NT dollar, also boosted the NT dollar, dealers said.
The won posted gains as the equity market in Seoul also rebounded strongly.
South Korea’s won strengthened 1 percent and Malaysia’s ringgit climbed 0.7 percent, extending its rebound from a 17-year low amid oil’s recovery. China is the biggest trading partner for the two countries.
Thailand’s baht slipped 0.6 percent to 35.854 per US dollar, heading for its biggest drop since May. It touched the weakest level since March 2009 on Friday as the central bank was seen supporting a lower currency.
The Bank of Thailand said it would further ease capital-outflow rules, allowing qualified investors to invest in all overseas equities, deposits and derivatives directly from next year.
A decision by the People’s Bank of China to raise the Chinese yuan’s reference rate against the US dollar by 0.15 percent, the biggest hike in five months, added downward pressure on the US dollar in the local foreign exchange market, they said.
The US dollar breached the NT$32.3 mark and rose to the day’s high at one point, but the central bank’s buying became apparent late in the trading session, helping the greenback to close above the previous level, dealers said.
Additional reporting by Bloomberg
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