The Hong Kong dollar softened on Tuesday but demand for a series of share offerings in the territory provided support. The local currency hit a session low of 7.7550 before pulling back to 7.7542/43 per US dollar softer than 7.7535/38 in late Asian trade on Monday.
Some dealers said it had found support at 7.7550 in recent sessions, given that several IPOs expected to list on the Hong Kong bourse before Christmas had attracted foreign investment flows to the city.
On Tuesday the Hong Kong dollar was depressed early in the day as forward discounts narrowed in line with yuan non-deliverable forwards (NDFS) as some players scaled back their expectations of an imminent yuan revaluation, influenced by a newspaper report.
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