The New Taiwan dollar weakened again in Tuesday morning trading, with the U.S. dollar reaching NT$32.575 in Taipei following a week marked by foreign capital outflows.
At 10 p.m. ET Monday (02:00 UTC Tuesday), or 10 a.m. Tuesday Taipei time, the quote was NT$0.130 above the previous close, Central News Agency reported.
The Central Bank of the Republic of China (Taiwan) put Monday's interbank close at NT$32.445 per U.S. dollar, compared with NT$32.338 on Oct. 16.
The currency lost 1.37% from Oct. 12 to Oct. 16. Over that period, foreign investors sold a net $19.402 billion in Taiwanese shares and remitted a net $17.961 billion out of Taiwan, the central bank said. It also cited dividend repatriation alongside share sales, as detailed in earlier coverage of the Taiwan dollar's decline.
OCBC FX strategists Sim Moh Siong and Christopher Wong said in an Oct. 16 note that a sustained recovery in the Taiwan dollar would likely require an improvement in capital flows. Taiwan's Ministry of Economic Affairs is scheduled to release its September industrial production index on Oct. 23.
