The intraday price is approaching 33 yuan! The New Taiwan dollar fell by 6.1 cents to close at 32.821 yuan.

The New Taiwan dollar closed at 32.821 yuan against the US dollar today, depreciating 6.1 cents. (File photo)

[Reporter Zheng Qifang/Report from Taipei] The results of the U.S. midterm election affected the financial market. Taiwan stocks once fell below 42,000 points during the session today, and then sharply pulled closer to 1,000 points. However, foreign investors still outsold Taiwan stocks by nearly 150 billion yuan, and funds continued to be repatriated. The New Taiwan dollar once fell to 32.9 yuan per US dollar during the session. It depreciated by 1.4 cents; however, the central bank entered the market for adjustments at the end of the day, and exporters entered the market to sell foreign exchange. The depreciation of the New Taiwan dollar converged, and finally closed at 32.821 yuan, depreciating 6.1 cents. The exchange rate continued to hit a new low in more than 1 and a half years, and the total trading volume of Taipei and Yuantai Foreign Exchange Brokerage Company was 3.3815 billion US dollars.

Asian stocks plunged sharply during the session today, with Taiwan stocks falling more than 1,400 points at one time, and foreign investors sold over 149.899 billion yuan, the fifth largest overselling in history. Affected by this, the New Taiwan dollar once touched 32.9 yuan during the session; however, foreign remittances slowed down after midday, and exporters took the opportunity to enter the market to sell foreign exchange. The central bank also entered the market to adjust at the right time. The decline of the New Taiwan dollar significantly converged, and the exchange rate did not drop further. It finally depreciated by 6.1 cents.

Foreign exchange traders said that although the overselling of foreign capital expanded today, the force of remittances slowed down, but foreign capital continued to oversell Taiwan stocks, and there will still be demand for remittances in the future. The depreciation trend of the New Taiwan dollar remains unchanged. In the future, we will still pay attention to the trends of foreign capital and the strength of exporters' foreign exchange selling. If foreign capital continues to oversell Taiwan stocks and funds continue to be remitted, it will increase the depreciation pressure of the New Taiwan dollar; if Taiwan stocks stabilize and foreign remittances are suspended, the depreciation pressure of the New Taiwan dollar is expected to be alleviated.

According to statistics from the central bank, as of 4 p.m. today, the U.S. dollar index fell 0.27%, and major Asian currencies were mixed. The New Taiwan dollar depreciated 0.19%, the Japanese yen depreciated 0.14%, and the RMB depreciated 0.02%. The Korean won appreciated 0.04%, and the Singapore dollar appreciated 0.09%.