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Friday February 9, 10:51 AMTaiwan dollar little changed on G7 watchTAIPEI, Feb 9 (Reuters) - The Taiwan dollar stayed near three-month lows on Friday amid a flat local stock market and as the yen offered little direction ahead of a Group of Seven finance ministers' meeting later in the day.Dealers are watching movements in the non-deliverable forwards market for further leads. The Taiwan dollar traded at T$33.000 to the U.S. dollar by 0231 GMT, little changed after opening flat from the previous close of T$33.010. Volume on the main Taipei Forex Inc. exchange was US$234 million after an hour and 30 minutes of trade. Dealers said they saw the Taiwan dollar trading mainly between T$32.950 and T$33.050 during Friday's session. On Thursday, the local currency softened to as low as T$33.063 during trade, which is the lowest intraday point since Nov. 2. "Stocks aren't moving by a lot today. Although there are still foreign institutions buying into the stock market, we don't see a lot of fresh funds coming in," said a dealer in Taipei. Foreign institutions bought a net T$355 million (US$11 million) in Taiwan stocks on Thursday. Taiwan's main TAIEX index rose 0.46 percent to 7,878.31 points on Friday. "If Taiwan's stocks rise above 8,000 points, then that'll probably help boost the Taiwan dollar significantly," the dealer said. The yen moved towards a four-year low against the U.S. dollar before the G7 meeting that is unlikely to seriously tackle the issue of a weak yen. By 0221 GMT, the yen had fallen to 121.32/36 to the U.S. dollar from 121.17/19 in the previous Asian trade. "We'll still be watching whether U.S. dollar buying will persist in the NDF market. If that continues, then the Taiwan dollar will be trending weaker," said another dealer in Taipei. One-month NDFs traded at -0.020/-0.010 from -0.015/0.000 in the previous session, indicating that the market was expecting the Taiwan dollar to firm slightly more than earlier forecasts. On the smaller Cosmos exchange , the Taiwan dollar firmed slightly to T$33.000 to the U.S. dollar from the previous close of T$33.009. |
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