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Taiwan dollar up on exporters, seen flat next week

Reuters - Saturday, July 4

* Taiwan dollar rises in thin trade on exporter deals

* Dealers expect currency to remain rangebound next week

TAIPEI, July 3 - The Taiwan dollar rose on Friday as exporters took advantage of the weak currency to meet cash needs at home, but trade was thin as many investors stayed away ahead of a holiday in the United States.

The Taiwan dollar <TWD=TP> opened at an intraday low of T$33.095, a transaction some dealers attributed to central bank intervention, but quickly crawled back to trade higher for most of the session. "Foreign funds were largely absent today, which is why we saw such thin volumes," said a dealer in Taipei.

"Only those who needed cash were in the market, and exporters happened to outnumber everyone else."

Markets in the United States will be closed on Friday for a holiday.

Dealers said they expect the Taiwan dollar to remain rangebound next week as there are no major announcements due.

"We shouldn't see things swinging too much either way," said another dealer. "Unless there are some surprises, I don't think we'll see things change too dramatically right now."

0800 GMT PREVIOUS DAY T$ Volume in $ mln T$ Six-month NDFs <PNDF> -0.570/-0.520 -0.585/-0.535

Note: Taipei Forex Inc is Taiwan's main forex exchange; Cosmos is a smaller exchange

Source: NDFs quotations from Prebon Asia

For more foreign exchange news, please click [nTOPFRX]

(Reporting by Kelvin Soh and Lin Miao-jung, Editing by Jacqueline Wong)

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