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New Taiwan dollar strengthens against greenback, hitting 23-year high

Strong NTD set to boost Taiwan amongst ranks of advanced countries

New Taiwan dollar strengthens against greenback, hitting 23-year high

(CNA photo)

TAIPEI (Taiwan News) — The New Taiwan dollar (NTD) on Tuesday (Jan 5) appreciated by 4.37 cents during the early trading session of the Taipei Foreign Exchange, hitting a 23-year high as money continues to flow into the country's capital market and strong demand from exporters persists.

The NTD nearly soared past NT$28 against the U.S. dollar Tuesday morning, reaching NT$27.992 45 minutes after the Taipei Foreign Exchange opened its morning session. Meanwhile, the greenback continued to soften against most Asian currencies on the first trading day of the new year.

The weighted index of the Taiwan Stock Exchange (TWSE) continued to rally a day after shares closed at a historic high on ample liquidity. It is expected to reach 15,000 points on Tuesday.

Setting aside the government's optimistic GDP forecast for 2021, the weakening U.S. dollar is expected to help Taiwan's per capita income officially surpass US$30,000, the threshold for joining the ranks of advanced countries, very soon. Experts say Taiwan's per capita income could reach US$30,803 if the exchange rate reaches NT$29 per U.S. dollar.

Updated : 2021-06-17 17:57 GMT+08:00