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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-mth peak on near-zero U.S. rates Reuters - Friday, December 19 TAIPEI, Dec 18 - The Taiwan dollar shot up to its highest close in two months on Thursday as investors unloaded U.S. dollars and turned to higher yielding currencies after the Federal Reserve slashed rates. The Taiwan dollar <TWD=TP> hit a high of T$32.432 against the U.S. dollar after the noon break, a level not seen since Oct. 16, though some U.S. dollar buying from central bank intervention curbed it from rising further. It gave up some gains to end at T$32.471, its highest close since Oct. 15, higher than Wednesday's finish of T$32.720. Volume on the main Taipei Forex Inc exchange was heavy at $1.713 billion, but lower than $2.031 billion a day earlier. "The central bank intervened, but not very actively because the U.S. dollar is very weak now," said a dealer at a local bank. The central bank issued a brief statement accompanied by a table listing movements of regional currencies, saying that the Taiwan dollar was relatively stable. The Taiwan dollar rose 0.8 percent on the day, smaller than the South Korean won's <KRW=> 3 percent rise, but bigger than the Thai baht's <THB> 0.2 percent gain, the statement showed. The U.S. dollar dropped to a 2-1/2-month low against the euro <EUR=> on Thursday after the Federal Reserve's dramatic interest rate cut further eroded the U.S. dollar's relative yield appeal. [ID:nT211890] Taiwan's central bank stepped in to prevent the Taiwan dollar from rising steeply as it prefers a relatively weak local currency to support the island's sagging exports. "There were a lot of foreign fund inflows because the stock market has been gaining recently," the dealer said. Foreign institutions continued net buying of Taiwan shares for a fourth day of T$2 billion on Thursday, after domestic stocks <.TWII> closed up 1 percent, rising for a fourth session. Exporters' deals also added support to the Taiwan dollar. Exporters need to convert their U.S. dollar earnings into the local currency at the end of the month and year to meet their cash needs. Although the Taiwan dollar jumped on Thursday, it is still 8 percent lower since hitting a 10-1/2-year high in late March, when anticipation of improving ties with China boosted sentiment. Dealers said the Taiwan dollar could continue its rise and climb to as high as T$32.0 by the end of the year, but the central bank's attitude would be key to its future movement. On the smaller Cosmos exchange <COSMOS1>, the Taiwan dollar rose to T$32.461 to the U.S. dollar from the previous close of T$32.663. (Reporting by Yvette Chen and Gina Chang, Editing by Jacqueline Wong) 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 India's new oil subsidy plan by mid-Jan - sourcesReuters - 20 minutes ago Euro zone imports and exports fall, outlook grimReuters - 24 minutes ago Jobless claims expected to stay near 26-year highAP - 25 minutes ago Energy, bank stocks lead European shares lowerReuters - 26 minutes ago Turkish lira gains 2 pct, rate cut eyedReuters - 32 minutes ago Most Popular – Business Viewed 'Dark energy' expands, contracts universe: researchers Actress Jennifer Aniston appears naked in GQ magazine Bush laughs off Iraq flying shoes drama US doctors hail near-total face transplant Dollar dives to 13-year low against yen after Fed cut View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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