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Tuesday May 13, 5:35 PM
Taiwan dollar ends lower on fund outflowsTAIPEI, May 13 (Reuters) - The Taiwan dollar gave up early gains to end lower on Tuesday due to foreign fund outflows, even though local stocks tracked U.S. stocks higher. The Taiwan dollar rose to an intraday high of T$30.726 before changing course to finish at T$30.873 to the U.S. dollar. That was weaker than the previous day's T$30.850 close.
"The market has been a mess recently, and you can't always see the reasons," the dealer said. "It's up one day and down the next day." But dealers said exporters were seen selling U.S. dollars, which helped cushion the Taiwan dollar's fall. They said the Taiwan dollar will be trapped in a tight range between T$30.600-T$30.900 in the near term, as some market players turned cautious before Taiwan's new president takes office on May 20. Taiwan stocks ended up 1.8 percent on Tuesday. Foreign institutions bought a net T$13.7 billion ($445 million) in local stocks on Tuesday, but they have sold a total net T$28.95 billion in the month to date. On the smaller Cosmos exchange , the Taiwan dollar closed at T$30.866 to the U.S. dollar, compared to its previous close of T$30.860. (Reporting by Yvette Chen and Baker Li; editing by Keiron Henderson)
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