Taiwan dollar at near three-year low

The Taiwan dollar hit its lowest level in nearly three years as foreign investors dumped stocks amid a global sell-off triggered by the financial crisis, but central bank intervention and purchases by exporters helped cushion losses. The currency fell as low as T$33.519 to the US dollar in early trade on Monday, but pared some losses to end at T$33.497, its weakest finish since December 13, 2005.
It ended the previous session at T$33.412. "Foreign investors were actively pulling out as the stock market fell," said a dealer at a local bank. Taiwan stocks tumbled 4.65 percent to a fresh five-year closing low on Monday, after the government ended a rule that halved the daily downside limit, playing catch-up with last week's losses in other global markets.