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TAIPEI: The Taiwan dollar closed at its highest level in almost eight weeks on Tuesday on buying by foreign investors as they returned to Taiwan and other Asian stock markets.
The local currency rose slightly from T$31.89 in previous session to end at T$31.850, a level not seen since Jan. 19, bringing its gain so far this month to 0.7 per cent.
"Foreign investors are buying the Taiwan dollar and the Korean won in anticipation of further upside for the two stock markets following solid gains on Wall Street," said a fund manager at a Britain-based fund company.
Foreign investors bought a net T$9.5 billion in Taiwan stocks on Tuesday, expanding their net purchases to T$45.5 billion so far this month, according to data compiled by the Taiwan stock exchange. The local currency has climbed 0.56 per cent this year, but is still among the worst performers in Asia. -Reuters |