The US dollar yesterday fell against the New Taiwan dollar, shedding NT$0.043 to close at NT$31.952 as local traders were encouraged enough by the technical rebound staged by other currencies in the region that they bought NT dollars, dealers said.
A significant comeback made by the local equity market on the back of massive foreign institutional buying dealt another blow to the US dollar throughout the session, ending five consecutive sessions in which the currency appreciated, they said.
The greenback opened at NT$31.915, and moved between NT$31.890 and NT$31.970 before the close. Turnover totaled US$684 million during the trading session.
Local traders began to buy NT dollars soon after the foreign-exchange market opened, dealers said.
Taiwanese exporters joined the selling of the US dollar, adding downward pressure on the greenback, while strong net buying by foreign institutional investors on the local equity market gave an additional boost to the local currency, they said.
However, the losses suffered by the US dollar were capped by foreign fund outflows as many investors continued to bet on a stronger greenback despite yesterday’s decline, based on expectations that the US Federal Reserve would raise key interest rates soon, dealers said.
They said that as expectations of a stronger US dollar remain intact, the rebound of the NT dollar and other regional currencies could be short-lived as foreign investors are expected to move more funds out of the region.
The US Federal Reserve is scheduled to hold a policymaking meeting on Tuesday and Wednesday next week so sentiment in the local foreign exchange market remains cautious until then, the dealers said.
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