Taiwan dollar hits near two-month high as softer dollar lifts Asian currencies

The Taiwan dollar strengthened as much as 0.2% to 31.774 per dollar on Tuesday, its firmest level in almost two months, extending a rally that had already taken it to a 31.852 close on Monday after breaking through the 32 level. The move came as weak U.S. economic data pushed the dollar near a two-month low and led traders to scale back bets on a Federal Reserve rate increase in September. Taiwan's gains were reinforced by foreign institutional buying of local equities, while HSBC analysts said easing dividend-related outflows could provide additional support. The advance was part of a wider move across Asia, with the South Korean won rising 0.5% and the Malaysian ringgit firming 0.2%, even as the Philippine peso, Thai baht, Singapore dollar and Indonesian rupiah lagged. Higher crude prices tied to Middle East tensions limited the rally because costlier oil can widen current-account deficits in energy-importing economies. Investors are also watching Bank Indonesia, which is widely expected to keep its benchmark rate at 5.75% on Wednesday after last month's surprise pause, as the next policy test for regional markets.

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