The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week.
The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark.
Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building.
Photo: CNA
The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today, the local currency picked up right where it left off, surging again after markets opened. It quickly smashed through the NT$30 level and continued to gain more than NT$1, hitting NT$29.7.
The strength of the NT dollar has sent people scrambling to exchange foreign currencies, causing technical issues with many online banking apps in the morning.
Many users reported long wait times, being unable to log in or receiving system maintenance notices.
Cathay United Bank Co’s (國泰世華銀行) app displayed a notice this morning telling users they would have to wait five minutes to log in.
A message on Taishin International Bank Co’s (台新銀行) app said that the system was temporarily unavailable.
Taishin said that app traffic exceeded capacity amid a surge in demand for currency exchange.
Other banks also showed messages indicating login failures due to high traffic or system overload.
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