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Taiwan dollar weakens on stocks, reversing rally

Mon Feb 11, 2008 8:34pm EST

TAIPEI, Feb 12 (Reuters) - The Taiwan dollar weakened on Tuesday on a decline in local stocks, reversing a rally last week that saw it rise to a 20-month high before a long public holiday.

Taiwan's currency TWD=TP opened at T$32.080 to the U.S. dollar, weakening from the Feb. 5 final price of T$32.010. By 0130 GMT it stood at T$32.036.

Trading stopped for the Lunar New Year holiday from Feb. 6-11.

Taiwan shares fell 1.08 percent on Tuesday, tracking recent stock market losses in the United States.

"We'll have to keep looking at stocks today to see what happens," a dealer in Taipei said. "But the Taiwan dollar needs to correct itself, and the central bank is obviously concerned."

The central bank often intervenes to keep the local currency from rising or falling too fast. (Reporting by Ralph Jennings; Editing by Anne Marie Roantree)



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