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Taiwan dollar off 3-week high on c.bank moves

Reuters - Friday, July 3

TAIPEI, July 2 - The Taiwan dollar dropped sharply on Thursday after hitting a 3-week high earlier in the session as the island's central bank bought U.S. dollars actively to keep the local currency weak to help exporters, dealers said.

The Taiwan dollar <TWD=TP> fell to as low as T$33.000 minutes before the close, from the previous finish of T$32.785. Earlier in the session, it reached an intraday high of T$32.670, the highest level since June 11.

"The central bank has been aggressively buying U.S. dollars throughout the entire session. Foreign institutions also followed suit," a dealer said in Taipei. (Reporting by Lee Chyen Yee and Argin Chang; Editing by Chris Lewis)

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