US dollar closes down on forex at NT$31,706TAIPEI -- The U.S. dollar fell against the New Taiwan dollar Tuesday, shedding NT$0.010 to close at NT$31.706 as concerns eased over an interest rate hike by the U.S. Federal Reserve, prompting traders to lower their U.S. currency holdings, dealers said. However, the U.S. dollar losses were limited by foreign institutional selling in the local equity market, leading some traders to lock in their New Taiwan dollar gains, dealers said. The selling in the U.S. dollar ended a four-session rising streak against the Taiwan dollar. Soon after the local foreign exchange market opened, the U.S. dollar came under pressure as currency traders began buying into the Taiwan dollar, based on comments by a voting member of the Fed, dealers said. The U.S. dollar recovered somewhat from its early losses after the local equity market fell into negative territory due to foreign institutional selling, dealers said.

Source: The China Post September 13, 2016 17:48 UTC