FT:U.S dollar closes higher on Taipei forex (update)
Taipei, June 15 (CNA) The U.S. dollar rose against the Taiwan dollar Wednesday, gaining NT$0.01 to close at the day's high of NT$28.860 in the wake of strength of the greenback in the region, dealers said.
Turnover totaled US$859 million during the trading session.
The U.S. currency opened at NT$28.850, then moved to a low of NT$28.794 before rebounding.
The greenback turned stronger against Asian currencies in the region as the euro lost ground against the U.S. unit on a deadlock among European countries to resolve the debt problems in Greece, dealers said.
In the local foreign exchange market, exporters resumed buying in the U.S. dollar, while foreign banks continued selling the U.S. currency, betting the Taiwan dollar would appreciate further, they said.
They added the U.S. dollar moved in ranged trade throughout the session in a tug of war between foreign banks and exporters.
U.S. dollar movements in the short term are expected to hinge on how the eurozone will solve its debt crisis and whether China will further tighten money supply to fight inflation, dealers said.
China's central bank just hiked bank reserve requirements Tuesday after May consumer prices year-on-year rose 5.5 percent, compared with 5.3