Taiwan Exchange Rate

Taiwan

Taiwan: TWD falls to fresh six-year low in September

October 16, 2015

On 28 September, the New Taiwan Dollar fell to a fresh six-year low, closing the day at 33.2 TWD per USD. The figure represented a 2.5% depreciation over the same day of the previous month and a 9.3% depreciation over the same day of last year. The currency’s decline in value comes against a backdrop of a slumping economy and the Central Bank’s decision on 24 September to cut the discount rate for the first time in six years. In addition, a slowdown in China—the island’s largest trading partner—is contributing to depreciation pressures on the currency.

Since hitting the record low, the TWD has appreciated slightly in recent weeks. On 9 October, the currency closed the day at 32.3 TWD per USD, which represented a 0.6% appreciation over the same day of the previous month but still marked a notable 6.3% depreciation over the same day last year.

FocusEconomics Consensus Forecast panellists expect the TWD to end this year at 33.5 per USD. For 2016, the panel projects the TWD to trade at 34.5 per USD.


Author: Angela Bouzanis, Senior Economist

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Taiwan Exchange Rate Chart


Taiwan Exchange Rate October 2015

Note: Daily spot exchange rate of New Taiwan Dollar (TWD) against U.S dollar (USD).
Source: Thomson Reuters


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