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Forex

NT Dollar Falls Below NT$32.4 Amid Large Fund Outflows

Guavy AI Editorial Team
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USD
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The New Taiwan dollar (NT dollar) dropped sharply against the US dollar, falling below NT$32.4 due to large fund outflows.

Combined turnover on the Taiwan Foreign Exchange and the Cosmos Foreign Exchange totaled US$3.92 billion as the NT dollar closed at NT$32.438 against the US dollar after reaching an intraday low of NT$32.490.

Initially, the US dollar weakened against the NT dollar because of a decline in the US dollar index, but it rebounded when foreign institutional investors moved large sums of money out of Taiwan by selling NT dollars.

This movement helped limit the local currency's losses and was followed by Taiwanese exporters taking advantage of the weaker NT dollar to sell US dollars.

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