Green­back rises to close at NT$31.231 on Taipei forex

The China Post - - TAIWAN BUSINESS -

The U.S. dollar rose against the New Tai­wan dollar Thurs­day, gain­ing NT$0.005 to close at NT$31.231 as the lo­cal cen­tral bank in­ter­vened to push the U.S. unit back into pos­i­tive ter­ri­tory, deal­ers said.

The mar­ket re­mained cau­tious to­ward the U.S. dollar move­ment as the board of the U.S. Fed­eral Re­serve in its last pol­i­cy­mak­ing meet­ing was di­vided over when in­ter­est rates should be raised, deal­ers said.

The green­back opened at NT$31.300, and moved be­tween NT$31.100 and NT$31.309 be­fore the close. Turnover to­taled US$868 mil­lion dur­ing the trad­ing ses­sion.

The U.S. dollar opened higher against the New Tai­wan dollar on fol­low-through buy­ing from the pre­vi­ous ses­sion amid ex­pec­ta­tions of the lo­cal cen­tral bank’s con­tin­ued ef­forts to sup­port the green­back, deal­ers said.

How­ever, sell­ing in the U.S. dollar set in as traders here took cues from an ini­tial tech­ni­cal re­bound on the lo­cal bourse, which boosted de­mand for the New Tai­wan dollar and placed down­ward pres­sure on the U.S. unit dur­ing most of the trad­ing ses­sion, deal­ers said.

But the gains posted by the New Tai­wan dollar were de­flated to some ex­tent by profit tak­ing in the eq­uity mar­ket, which closed down 0.04 per­cent at 9,568.04 points, off an early high of 9,663.05, deal­ers said.

For­eign in­sti­tu­tional in­vestors sold a net NT$1.24 bil­lion (US$39.70 mil­lion) worth of lo­cal shares on the main board, lend­ing some sup­port to the U.S. dollar, ac­cord­ing to the Tai­wan Stock Ex­change.

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