The U.S. dollar fell against the Taiwan dollar Monday, dropping NT$0.06 to close at NT$31.250. The greenback dropped to its lowest level against the local currency in more than two years during the morning session, but recovered in late trading as Taiwan's central bank intervened. Turnover totaled US$873 million, compared to US$909 million on last Friday. The greenback opened at the day's high of NT$31.310 and moved to a low of NT$30.976 -- the lowest level since August 2008, when it briefly hit NT$30.915. Dealers said that foreign funds continued to flow into local markets after Taiwan's central bank raised the benchmark interest rate for the second time this year on Thursday last week. Institutional investors are upbeat that the Taiwan dollar will continue to rise against the greenback. 