950828

Dollar falls

in Taiwan

TAIPEI: The Taiwan dollar closed lower against its American counterpart despite intervention by the central bank as domestic political uncertainties continued to trigger demand for the US dollar, dealers said.

The rate finished at T$ 27.4850 against Saturday's T$27.4430 close. Turnover was a modest US$140 million.

Dealers expected the local currency's depreciation pressure to persist, but the central bank will not sit idle. "The central bank will keep holding the rate above T$27.5, like the way it did today," said one foreign bank dealer.

A range of T$27.45-50 was seen.-Reuter