Reported 9 months ago
Reporter Chen Meijun/Taipei reported on June 26, 2024, the New Taiwan Dollar exchange rate closed with a heavy depreciation of 1.11 cents at 32.554 yuan, hitting a two-month low. Despite Taiwan's stock market closing up over 100 points on the 26th, the New Taiwan Dollar exchange rate plunged significantly due to the strong statements from the U.S. Federal Reserve, profit-taking by hot money, leading to massive outflows totaling $2.47 billion in a single day. The currency market was highly active as exporters and the central bank jointly sold currencies. The currency depreciated beyond 32.5 yuan, prompting interventions to prevent further depreciation. The outlook is uncertain as the Fed's interest rate cuts schedule affects global market sentiment. The U.S. dollar index rose 0.3%, with the New Taiwan Dollar devalued by 0.34% becoming the 'weakest Asian currency' for the day.
Source: YAHOO