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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help 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 dollar up on signs of econ optimism, exporters Reuters - Monday, March 16 * Taiwan dollar gains on G20 efforts, impact of rush orders ADVERTISEMENT * Central bank hardly seen in the market * Dealers expect some resistance at T$34.3 this week TAIPEI, March 16 - The Taiwan dollar strengthened on Monday as the Group of 20 economies' efforts to address the global downturn provided some optimism for the market and on exporters selling U.S. dollars from the rush orders. The Taiwan dollar rose to as high as T$34.400, but was still shy of hitting a three-week high of T$34.239 posted last week. By 0219 GMT, the Taiwan dollar had firmed to T$34.427 from Friday's close of T$34.495. Volume on the main Taipei Forex Inc exchange was $172 million after an hour and 15 minutes of trade, lower than $391 million posted during the same time on Friday. "We had slightly positive news over the weekend. Plus Taiwan stocks have been rising recently, helping boost the Taiwan dollar," said a dealer in Taipei. "Some dealers with short U.S. dollar positions are trying to squeeze the long players," the dealer said. Over the weekend, the Group of 20 finance ministers held a meeting, during which they promised money to help emerging market economies and would use fiscal and monetary means to combat the global economic crisis. [ID:nLE661847] Exporters who benefitted from some rush orders also sold U.S. dollars and in turn propped up the Taiwan currency. "We saw slightly more exporters' deals lately because of the rush orders and they had more U.S. dollars to convert," said another dealer in Taipei. Taiwan's exporters fell 28.6 percent in February, but that decline was more gradual than January's record plunge as buyers restocked after depleting their inventory too quickly. [ID:nSP486505] On the smaller Cosmos exchange <COSMOS1>, the Taiwan dollar rose to T$34.425 to the U.S. dollar from the previous close of T$34.475. (Reporting by Lee Chyen Yee and Jeanny Kao; Editing by Ken Wills) 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 RPT-GLOBAL MARKETS WEEKAHEAD-Bear market endgameReuters - 1 hour 25 minutes ago S.Korea Feb import prices gather pace on wonReuters - 1 hour 27 minutes ago Asian markets mostly higher but caution remainsAP - 1 hour 28 minutes ago Hitachi to cut $5.1 bln in costs, shuffle managementReuters - 1 hour 32 minutes ago India cbank offers 582.30 bln rupees at special repoReuters - 1 hour 36 minutes ago Most Popular – Business Viewed Arrest warrant issued for Lindsay Lohan Bailed-out AIG plans bonuses worth millions: report For sale: nagging wife, very high maintenance World Bank warns of "very dangerous" year ahead Twin boys for Charlie Sheen and wife View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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