The US dollar yesterday fell against the New Taiwan dollar, shedding NT$0.079 to close at NT$31.87, as bargain hunters picked up the local currency for trading purposes, dealers said.
The weakness of the US dollar also reflected buying in other regional currencies, but the losses were capped as foreign institutional investors sold holdings in the local equity market, the dealers said.
The greenback opened at NT$31.910 and moved between NT$31.825 and NT$31.927 before the close. Turnover was US$568 million.
Soon after the foreign-exchange market opened, the US dollar faced downward pressure as the NT dollar staged a mild technical rebound. The greenback continued its slide, as traders in Taiwan took their cues from its losses against other regional currencies, such as the South Korean won and the Japanese yen, to buy into the local unit, the dealers said.
Prior to yesterday, the US dollar had risen sharply against the NT dollar and other regional currencies amid expectations that US interest rates would move higher as US president-elect Donald Trump is expected to introduce measures that could push up inflation, they said.
As a result, the US dollar took a pause, while the NT dollar received a boost from bargain hunting throughout the session, they added.
However, the downturn of the greenback was limited by selling in the local equity market. According to the Taiwan Stock Exchange, foreign institutional investors sold a net NT$12.53 billion (US$393.16 million) worth of shares on the main board.
Trading volume on the foreign-exchange market was moderate, with many currency traders remaining on the sidelines, waiting for the release of US retail sale and business inventory data later in the day for a clue as to how the US Federal Reserve would adjust its monetary policy, the dealers said.
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