New Taiwan dollar falls to weakest level vs. US unit
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.