dlr

17:23 12Nov09 RTRS-Taiwan dollar softens on fund outflows, importers * Taiwan dollar falls after rising for six straight sessions * Investors cover short positions on stabilised U.S. dollar * Taiwan importers buys U.S. dollars at T$32.300 (Updates to close) TAIPEI, Nov 12 (Reuters) - The Taiwan dollar fell on Thursday, after rising for six straight sessions, as foreign investors and exporters bought U.S. dollars. Taiwan's currency reached T$32.223 to the U.S. dollar in early trade, its highest intraday price since Oct. 16, but reversed course to end lower at T$32.330. "The Taiwan dollar fell slightly as investors went short covering on the greenback, since it hadn't slumped any further," said a dealer in Taipei. Overseas, the U.S. dollar was little changed on Thursday, struggling amid growing calls for Asian currencies to trade more freely, meaning appreciate, but supported by profit-taking on recent gains in other currencies like the euro. [ID:nLC116740] Taiwan importers, who need foreign currency for cash needs overseas, bought U.S. dollars at the favourable rate of T$32.30, in turn pressuring it. The local currency was further pressured as the island's central bank bought U.S. dollars. The monetary authority keeps the Taiwan dollar in a managed float and buys U.S. dollars occasionally to head off fluctuations it deems excessive. In the offshore non-deliverable forwards (NDFs) market, six-month NDFs narrowed, indicating that the local currency is widely expected to strengthen by a smaller degree in half a year. 0800 GMT PREVIOUS SESSION T$ (Taipei Forex Inc) 32.330 32.310 Volume in $ mln (Taipei Forex Inc) 994 808 (Cosmos) 32.320 32.295 Six-month NDFs -0.690/0.640 -0.740/-0.690 Note: Taipei Forex Inc is Taiwan's main forex exchange; Cosmos is a smaller exchange. Both exchanges end trading at 0800 GMT Source: NDFs quotations from Prebon Asia For more foreign exchange news, please click [nTOPFRX] (Reporting by Joan Hsu and Roger Tung; Editing by Chris Lewis) ((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging: gina.chang.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) Keywords: MARKETS TAIWAN CURRENCY/
For Related News, Double Click on one of these codes:[M] [T] [E] [Z] [MF] [D] [PSC] [RNP] [DNP] [PTD] [PMF] [TW] [ASIA] [FRX] [EMRG] [LEN] [RTRS] [TWD/] [TWD=TP] For Relevant Price Information, Double Click on one of these codes: Thursday, 12 November 2009 17:23:54RTRS [nTP227929] {EN}ENDS