Taiwan dollar dips

The Taiwan dollar dipped on Monday to a near six-week low on foreign fund stock outflows, tracking Asian peers, as the island's central bank intervened to discourage speculation in the currency, dealers said. A closing price of T$32.195 to the US dollar was the weakest since December 30.
Foreign funds sold a net T$15.722 billion ($488 million) in Taiwan stocks, while festering debt problems in the euro zone prompted investors to shift out of riskier assets around Asia, dousing optimism over a fall in the US jobless rate last week.
Taiwan's central bank also sold the currency on Monday to push the price weaker, dealers said. The authority has been ratcheting up pressure on speculators, whose actions it fears could damage the economy, and has imposed measures to control the inflow of so-called "hot money" to the island. The currency is seen trading between T$32 and T$32.2 on Tuesday.