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Taiwan’s Dollar Nears Three-Week High on Inflows; Bonds Steady

Taiwan’s dollar traded near a three-week high after foreign funds boosted holdings of the island’s stocks amid optimism the economy is recovering. Government bonds were steady.

Overseas investors bought $355 million more local shares than they sold in the past two days, after net purchases of $1.42 billion in November, exchange data show. Reports this week are forecast to show inflation slowed to a five-month low in November and exports rebounded, according to Bloomberg surveys. The central bank has held its benchmark interest rate at 1.875 percent since June 2011 and will review policy again on Dec. 19.

“There’s money coming in,” said Albert Lee, a fixed-income trader in Taipei at Cathay United Bank Co. “Inflation has stabilized and it should be out of the picture in terms of the interest-rate decision making. The central bank will probably keep interest rates unchanged.”

Taiwan’s dollar closed at NT$29.116 against its U.S. counterpart, little changed from NT$29.121 yesterday, based on Taipei Forex Inc. prices. The currency reached NT$29.019 yesterday, the strongest level since Nov. 13. One-month implied volatility, a measure of expected moves in exchange rates used to price options, slipped nine basis points, or 0.09 percentage point, to 3.19 percent.

Consumer prices rose 2.04 percent in November from a year earlier after a 2.36 percent increase in October, according to the median estimate in a Bloomberg survey before data due tomorrow. Exports climbed 7.8 percent following a 1.9 percent drop the previous month, another survey showed before a report on Dec. 7.

The yield on the government’s 1.125 percent bonds due September 2022 was little changed at 1.134 percent, according to Gretai Securities Market. The overnight interbank lending rate was steady at 0.384 percent, according to a weighted average compiled by the Taiwan Interbank Money Center.

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