Taiwan dlr hovers at 2008-low as global crisis deepens

TAIPEI, Oct 8 - The Taiwan dollar weakened for a fifth straight day on Wednesday and hovered at the lowest point this year as the spreading global financial crisis battered the island's market sentiment.

Shortly after the open, the Taiwan dollar <TWD=TP> fell to as low as T$32.458 to the U.S. dollar, just shy of the previous day's intraday low of T$32.512, the lowest point since Dec 31, 2007.

Taiwan's stock market <.TWII> fell 2.82 percent in early trade, taking cues from a 5 percent drop on Wall Street with investors ignoring the government's plan to fully protect deposits at local banks to shore up confidence.

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