New Taiwan dollar ends trading on 11-month high 外資匯入 新台幣創十一個月高

Tue, Jul 19, 2016 - Page 15

On Wednesday last week, the New Taiwan dollar exchange rate continued to rise off the back of foreign direct investment inflows and a stronger South Korean won. At close of trading on Wednesday the NT dollar was trading at NT$32.183 against the US dollar, a rise of 3.7 percent, which marks an 11-month high for the NT dollar.

Total trade volumes at the Taipei Foreign Exchange and Cosmos Foreign Exchange markets reached US$1.12 billion on Wednesday.

Currency traders said US stocks continued to rise, while Asian stock markets all made gains and were in a bullish mood.

The TAIEX fluctuated mid-way through trading and by market close had made only modest gains, rising 16.29 points. However, overbuying of TAIEX stocks by foreign investors to the tune of NT$9.40 billion, in addition to a rising South Korean won, provided the impetus for a soaring NT dollar exchange rate.

By close of trade, the NT dollar broke through its pre-Brexit referendum high, achieving a record 11-month high.