Asian currencies declined this week, led by India’s rupee and South Korea’s won, as concern Europe’s debt crisis will slow the global economic recovery dimmed the outlook for exports and sapped demand for emerging-market assets.
India’s rupee dropped 1 percent this week to 46.84 per US dollar, according to data compiled by Bloomberg.
The won fell 0.6 percent to 1,201.80, taking its loss for the year to 3.1 percent.
The New Taiwan dollar fell on Friday, reversing earlier gains, as the central bank intervened in the final minute of trading to support exporters.
The central bank asked lenders to provide documents for currency forwards contracts in a move to curb speculation, Spencer Lin, head of the foreign-exchange department, told reporters in a briefing in Taipei on Friday.
The monetary authority sold the NT dollar in four of the past five days at the same time, according to two traders familiar with the central bank’s operations who asked not to be identified.
Taiwan’s dollar weakened 0.2 percent to NT$32.35 against its US counterpart as of the 4pm close, according to Taipei Forex Inc.
The NT dollar earlier advanced as much as 0.4 percent. It reached NT$32.418 on Tuesday and Wednesday, the weakest level since Dec. 22, and was 0.5 percent down for the week.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source