Taiwan Dollar Advances After Global Funds Add to Share Holdings
International investors bought $681 million more Taiwanese shares than they sold this month through yesterday, according to exchange data. Exporters are repatriating overseas income, which is supporting the local currency, according to Henry Lin, a foreign-exchange trader at Taiwan Shin Kong Commercial Bank.
“We’ve seen some foreign funds coming in,” said Taipei- based Lin. “There’re also some exporters selling the greenback.”
Taiwan’s dollar closed 0.3 percent stronger at NT$30.100 against its U.S. counterpart, according to Taipei Forex Inc. It touched NT$30.005 yesterday, the highest level since Sept. 21.
The yield on the 2 percent bonds due July 2016, the most- traded government securities, increased one basis point to 1.053 percent from 1.043 percent, prices from Gretai Securities Market show.
The overnight money-market rate, which measures interbank funding availability, was steady at 0.394 percent, according to a weighted average compiled by the Taiwan Interbank Money Center.
To contact the reporter on this story: Andrea Wong in Hong Kong at firstname.lastname@example.org
To contact the editor responsible for this story: James Regan at email@example.com