New Taiwan Dollar Rises 1.1 Cents at Midday, Temporarily Settles at 31.548

TAIPEI (Central News Agency, June 17) — The New Taiwan dollar exchange rate against the U.S. dollar temporarily closed at 31.548 in the Taipei foreign exchange market at noon today, rising 1.1 cents, with a transaction volume of 925 million U.S. dollars.

The New Taiwan dollar opened at 31.58 today, reaching a high of 31.538 and a low of 31.59 during morning trading.

Market analysts suggest the appreciation was driven by a weaker U.S. dollar and increased foreign currency selling by Taiwan's export-oriented companies. The Federal Reserve's softened outlook on interest rate hikes and the overall strength of Asian currencies have also contributed to the upward trend.

Traders anticipate that export firms' foreign exchange settlement activities during the current financial reporting season will continue to support the New Taiwan dollar in the coming weeks.

The Central News Agency urges the public to download its 'First-Hand News' app for real-time updates.

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