New Taiwan dollar strengthens

The New Taiwan dollar yesterday ended higher against its US counterpart, as the impact from President Chen Shui-bian's (陳水扁) comments on cross-strait relations fade, dealers said. The local currency traded up NT$0.135 to close at NT$33.895 on the Taipei foreign exchange market. Turnover was US$481 million, down from the previous day's US$557 million, the exchange said. The unit traded in a range of NT$33.889 and NT$34.085 during the session. The NT dollar exchange rate also got support from a rally in the local stock market, dealers said. As the currency market seems to return on track, there was no need for any central bank intervention to stabilize the local currency, a central bank official said yesterday.