The New Taiwan dollar yesterday settled above the NT$30 mark at NT$29.951 against the US dollar in Taipei trading — the highest it has been in three-and-a-half months — as global funds regained interest in local shares, traders said.
The NT dollar rose by NT$0.16 during the session, allegedly prompting the central bank to step in and slow its appreciation, traders said.
The local currency still ended the day at its highest level since Jan. 15, with a turnover of US$1.041 billion, Taipei Forex Inc data showed.
“Foreign securities players have turned around and built up positions in local shares as evidenced by the recent rallies in the local bourse,” a trader who declined to be named said by telephone.
The TAIEX has recovered most of its losses attributed to the COVID-19 pandemic after Taiwan reported four straight days of zero infections.
The outbreak in the nation has been mild and firms have maintained normal operations.
Major technology companies have said they plan to stand pat regarding capital expenditure, citing strong demand in the 5G and artificial intelligence sectors, as well as an unexpected increase in remote-learning and teleworking arrangements.
Foreign institutional investors raised their stakes in local shares by a net NT$18.03 billion (US$601.983 million) yesterday, reversing capital outflows of the past three months.
Currency dealers said that the NT dollar’s appreciation would hold, as the US and Europe aim to gradually reopen their economies, which would be favorable for local exports.
The local currency might recover to the NT$29.85 point it reached prior to the pandemic, traders said.
Exporters contributed to a stronger NT dollar by trimming their greenback positions, dealers said.
Export-focused firms tend to sell US dollars to boost their balance sheets during the earnings season.
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