Taiwan dollar edges up on exporters, Fed decision

* Exporters buy local currency for cash needs at home

* Federal Reserve says to keep interest rates low

* Pension funds, stock market outflows pressure T$

TAIPEI, Nov 5 - The Taiwan dollar edged up on Thursday, rising for a second straight session, as the U.S. dollar slipped globally on a Federal Reserve decision to keep interest rates low and exporters bought the local currency.

The U.S. dollar was under pressure globally on Thursday, moving towards recent multi-month lows on a basket of currencies, after the U.S. Federal Reserve reiterated its commitment to keep rates low for months to come.

Exporters, drawn by the Taiwan dollar's recent weakness, also supported the local currency in thin early trade, buying it for cash needs at home.

But gains were limited due to outflows from the local stock market, which was down slightly on Thursday, and U.S. dollar bids from Taiwan pension funds, dealers said.

"Supply and demand are virtually the same, not just one sided," a dealer in Taipei said.

Foreign institutions sold a net T$3.3 billion ($101 million) worth of Taiwan stocks on Wednesday.

0145 GMT PREVIOUS SESSION T$ (Taipei Forex Inc) 32.546 32.558 (close) Volume in $ mln (Taipei Forex Inc) 46 44 T$ (Cosmos) 32.542 32.547 (close) Six-month NDFs -0.670/-0.620 -0.670/-0.620 Note: Taipei Forex Inc is Taiwan's main forex exchange; Cosmos is a smaller exchange. Both exchanges end trading at 0800 GMT Source: NDFs quotations from Prebon Asia For more foreign exchange news, please click