New Tai­wan dol­lar falls to weak­est level vs. US unit

The China Post - - LOCAL -

The Tai­wan dol­lar fell to its weak­est level against the U.S. dol­lars in six years on Mon­day amid a mas­sive sell-off in Asian stock mar­kets, clos­ing in on NT$33 to the green­back dur­ing the trad­ing ses­sion, deal­ers said.

The U.S. dol­lar rose NT$0.084 against the lo­cal cur­rency to close at NT$32.96, com­ing un­der pres­sure not only from Tai­wan’s plum­met­ing stock mar­ket but also the de­pre­ci­a­tion of the Korean won against the green­back, deal­ers said.

The U.S. dol­lar rose as high as NT$32.998 as the stock mar­ket was tum­bling a record 7.5 per­cent in morn­ing trad­ing, but then pulled backs lightly when the Na­tional Sta­bi­liza­tion Fund in­ter­vened in the stock mar­ket to stop the plunge.

For­eign in­sti­tu­tional in­vestors sold a net NT$6.6 bil­lion in shares on the Tai­wan stock ex­change, which deal­ers said in­creased de­mand for the U.S. dol­lar against the Tai­wan dol­lar.

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