TAIPEI (Taiwan News) — The exchange rate for the New Taiwan dollar rose to NT$28.165 against the U.S. dollar at 10 a.m. Friday (Dec. 11), reaching its highest value in 23 years.

The value of the country's currency opened at NT$28.30 and remained stable at around NT$28.20 for US$1 before noon, CNA reported. Total turnover amounted to US$814 million.

Financial experts pointed out that the local currency has remained strong over the last few closings and that it will likely continue its ascent in the coming weeks, possibly surging past the NT$28 mark. They also expect exporters to continue selling U.S. dollars to avoid greater losses.

Speaking at a press conference on Thursday (Dec. 10), Taiwan Academy of Banking and Finance Chairman Wu Chung-shu (吳中書) said the appreciation of the New Taiwan dollar is a sign of the country’s competitiveness. He said both the government's successful handling of the coronavirus pandemic and a thriving domestic economy have contributed to the phenomenon, reported UDN.