Taiwan dollar steady

The Taiwan dollar closed steady in thin trade on Monday as US dollar buying by the central bank offset gains in the local currency from exporter deals and light foreign fund inflows. Foreign institutions bought a net T$7.128 billion ($216 million) in Taiwan stocks, which edged up 0.25 percent, underpinning the currency. Exporters, which need Taiwan dollars for cash needs at home, typically buy the currency in the final days of each month.
But volume was thin as investors were wary of the presence of the central bank, which has preferred a relatively weak Taiwan dollar to help the island's exporters that were hit by recession earlier this year. Indeed, the central bank bought US dollars in early trading, dealers said.