TAIPEI (Taiwan News) — The Taiwan dollar resumed its upward trend on Thursday, rising by more than NT$1.4 to NT$30.1 per US dollar. 

Tariff reductions by the US and China, coupled with slower growth in the latest US Consumer Price Index, have eased market uncertainty, weakened the US dollar, and fueled a rally in the Taiwan dollar, per CNA. After gaining NT$1.71 on Wednesday, Taiwan's currency continued its rise on Friday, strengthening by as much as NT$1.48 in early trading to reach a high of NT$30.136 against the greenback.

The Taipei foreign exchange market opened at NT$30.29. The Taiwan dollar quickly gained ground, appreciating over NT$1 and reaching the NT$30.1 mark, with the rate continuing to fluctuate at elevated levels.

A foreign exchange analyst told CNA that optimism following the US-China trade talks continues. Despite selling pressure in local equities, increased foreign capital inflows and a weaker US dollar have boosted the currency.

The analyst added that ongoing US-South Korea discussions involving forex policy lifted the Korean won. Meanwhile, the Japanese yen appreciated, and broad gains in Asian currencies further fueled the Taiwan dollar’s rise.