The New Taiwan dollar yesterday rose 0.76 percent, or NT$0.231, against the US dollar to close the day at NT$30.325 in Taipei trading after US President Donald Trump said in an interview that the US dollar was getting “too strong” and he would prefer that the US Federal Reserve kept interest rates low.
The central bank seems to have no intention of intervening in the market to keep the NT dollar weak amid concerns that Taiwan could be named a currency manipulator by Washington when the US Department of the Treasury publishes its annual currency report today, dealers said.
Yesterday’s appreciation of the NT dollar was milder than a 1.04 percent increase of the South Korean won and a 1.23 percent rise of the Australian dollar, the central bank said in a statement.
The statement suggests that the latest movement in the local currency is not abnormal, but falls in line with the global trend, dealers said.
Turnover amounted to US$861 million in Taipei trading, up from US$545 million the previous day.
In an interview with the Wall Street Journal published on Wednesday, Trump said that would he prefer a weaker US dollar and his remarks triggered buying of Asian currencies, such as the Japanese yen and the won, which prompted currency traders in Taiwan to raise their holdings of the NT dollar, dealers said.
Meanwhile, the local equity market staged a rebound on the back of foreign institutional buying, putting more pressure on the US dollar throughout the session, dealers said.
According to Taiwan Stock Exchange data, foreign institutional investors yesterday bought a net NT$1.07 billion (US$35.28 million) of local shares, sending the TAIEX up 0.19 percent.
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