The Taiwan dollar firmed on Wednesday as a strong rise in domestic shares boosted sentiment, although the central bank bought US dollars to curb the local currency's gains. The Taiwan dollar ended stronger at T$32.288 to the US dollar after opening flat from the previous close of T$32.299.
The Taiwan dollar has gained around 2.6 percent since it hit a one-month low in mid-September. Volume on the main Taipei Forex Inc exchange was active at US $1.062 billion, higher than US $892 million a day earlier. "It's mainly the strong stocks rise boosting the Taiwan dollar. But the central bank kept buying US dollars today," said a dealer in Taipei.
"Their stand hasn't changed - they still want the Taiwan dollar to strengthen slowly," the dealer said. Dealers said there were foreign fund inflows and outflows and it was difficult to determine which direction dominated the market during the session. Taiwan stocks jumped 2.5 percent, tracking a rebound on Wall Street.
Comments
Comments are closed.