Taiwan’s Dollar Rallies Most Since 2009 Before iPhone 7 Release
- Island’s currency climbs as foreign funds snap up suppliers
- Apple expected to unveil latest model at event today
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The Taiwan dollar completed its biggest three-day gain in seven years as disappointing U.S. data weighed on the greenback and overseas funds bought into Apple Inc. suppliers before an expected unveiling of the iPhone 7 later Wednesday.
The local currency increased 0.6 percent to NT$31.24 per dollar at the 4 p.m. close, taking its advance this week to 1.5 percent. The Taiex index climbed 0.8 percent to its highest level since July 2015. Taiwan Semiconductor Manufacturing Co., a major Apple supplier, and Hon Hai Precision Industry Co., the main assembler of iPhones, are among the biggest gainers this week.