The exchange rate of the new Taiwan dollar rose to NT $ 28,165 against the US dollar at 10 a.m. on Friday (December 11), reaching its 23-year high.
Its currency value opened at NT $ 28.30 and remained steady at NT $ 28.20 for $ 1 before noon. Total sales amounted to 814 million US dollars.
Financial experts point out that the local currency has remained strong in the last few sessions and that it is likely to continue its appreciation in the coming weeks, possibly surpassing NT $ 28. They also expect exporters to continue selling USD to avoid further losses.
Speaking at a press conference on Thursday (December 10), Taiwan Banking and Finance Institute President Wu Chung-shu (吳中 書) said the new Taiwan Dollar’s appreciation was a sign for See the country’s competitiveness. He said the government’s successful handling of the coronavirus pandemic and the developing domestic economy contributed to this phenomenon.