The Taiwan dollar weakened on Tuesday as North Korea's nuclear and missile tests pressured Asian currencies, while reported comments from the island's central bank also damped sentiment. The Taiwan dollar ended at T$32.660 to the US dollar, weaker than the previous close of T$32.626, which had been the strongest finish since December 19 last year.
Before Tuesday, the local currency had firmed for five straight sessions as investors banked on improved ties between China and Taiwan, while the US dollar trended lower in the global market on economy concerns. Volume on the main Taipei Forex Inc exchange was light at $756 million, lower than $797 million in the previous session.
"The North Korea nuclear test provided an excuse for investors to sell Taiwan dollars before the long weekend," said a dealer in Taipei. "It was mostly foreign investors selling Taiwan dollars in the afternoon." Taiwan markets will be closed for the Dragon Boat Festival on Thursday and Friday, with trade resuming on Monday.
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