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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Taiwan dlr at 2-wk low on global recession concerns Reuters - 1 hour 50 minutes ago TAIPEI, Nov 13 - The Taiwan dollar <TWD=TP> weakened to a two-week closing low on Thursday, as foreign banks bought the U.S. dollar and global recession concerns loomed, but exporters' purchases cushioned the currency's fall. The Taiwan dollar, which fell for a third straight session, hit an intraday low of T$33.192 to the U.S. dollar just before the mid-day break, but pared some losses to end at T$33.177, its lowest finish since Oct. 29 and weaker than Wednesday's T$32.994. The central bank said in a brief statement after the market close that the Taiwan dollar was relatively stable, with the local currency losing 0.6 percent on Thursday. It listed other global currencies, ranging from the New Zealand dollar <NZD=>, which fell 3.42 percent on the day to the Japanese yen <JPY=>, which rose 2.5 percent. Volume on the main Taipei Forex Inc exchange had been thin in previous sessions as the market lacked a clear direction, but rose to a moderate $1.030 billion on Thursday after jitters over the slowing world economy resurfaced. "Foreign banks were selling the Taiwan dollar, but the Taiwan dollar was supported as exporters bought it around T$33.150-T$33.180," said a dealer at a local bank. Exporters prefer a weaker Taiwan dollar so they can exchange their U.S. dollar earnings for more of the local currency. Local stock losses and a falling Korean won <KRW=> added further pressure to the Taiwan dollar. Taiwan stocks <.TWII> closed down 3.85 percent to a two-week closing low on Thursday, with foreign institutions unloading T$8 billion worth of local shares. The South Korean won ended local trade down 2.3 percent against the U.S. dollar at a fresh two-week closing low on Thursday. After the market closed, South Korea's finance minister said he expected plans for a currency swap deal with China to make progress on Friday. [ID:nSEO343633] Since rallying to a 10-1/2-year high in late March, the Taiwan dollar has lost about 11 percent, mainly due to fund outflows as a bleak global economy will likely dampen the island's exports, a key driver of economic growth. With the domestic economy slowing, dealers mostly expected the Taiwan dollar to continue on a downward trend to help support the island's export competitiveness. On the smaller Cosmos exchange <COSMOS1>, the Taiwan dollar softened to T$33.180 to the U.S. dollar from the previous close of T$32.990. (Reporting by Gina Chang and Yvette Chen; Editing by Ken Wills/Toby Chopra) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business China shares rise on optimism over stimulus planAP - 1 hour 20 minutes ago Europe, Asian markets down amid recession fearsAP - 1 hour 21 minutes ago Las Vegas Sands to fire up to 11,000 Macau workersAP - 1 hour 29 minutes ago LSE 1H profit up but cancels share buybackAP - 1 hour 37 minutes ago SABMiller says 1H profits rise, but demand slowsAP - 1 hour 38 minutes ago Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Germany in recession as US scraps toxic asset buy-up Oil price dives under 55 dollars per barrel in London View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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