TAIPEI (Taiwan News) — The Taiwan dollar continued to weaken against the US dollar on Monday, marking ten consecutive trading days of declines and a notable depreciation for November.

Over 16 trading sessions this month, the currency rose against the US dollar on only two occasions. This resulted in a 2.22% monthly decline, according to CTEE.

During Monday’s trading, foreign investors continued to repatriate funds, bringing the Taiwan dollar to an intraday low near NT$31.50 per US dollar. Later, exporters sold foreign currency in significant volumes, providing temporary support.

Central Bank intervention at the close reversed gains. The Taiwan dollar closed down at NT$31.447, its lowest level since May 1.

Earlier this year, the Taiwan dollar had strengthened, reaching NT$28.828 per US dollar on July 3. Since that peak, it has depreciated by roughly 8.3%.

A senior foreign exchange trader said short-term Taiwan dollar movements are largely influenced by capital flows. With the Japanese yen recently weakening and attracting buying interest, the Taiwan dollar may continue to decline in the near term.

The trader added that the US dollar index remains relatively strong, and with key inflation data for September and October not scheduled until December, the market is likely to remain cautious. Ongoing Taiwan-US tariff negotiations are also expected to contribute to currency weakness.

In addition, recent declines in the Japanese yen and South Korean won have left North Asian currencies generally weaker. While the Taiwan dollar’s depreciation has been relatively moderate, it is unlikely to outperform regional peers.

Potential intervention by the Bank of Japan could influence the Taiwan dollar, which may approach NT$32 per US dollar by year-end if market sentiment does not improve.