(Bloomberg) -- Worsening outflows in the stock market have helped snuff out a degree of bullishness on the Taiwan dollar, according to a closely-watched measure in the options market.

The Taiwan dollar’s three-month risk reversal shows that the premium to protect against dollar strength in the options market returned to neutral, after mostly staying below zero for the past five months. That happened as foreigners pulled a record $2.5 billion from local stocks this year, dragging the currency to the lowest in nearly nine years this week.

The “Taiwan Dollar remain fragile as foreign equities flows have been volatile and biased to selling,” said Wee Khoon Chong, senior APAC market strategist at BNY. “We will be watching the evolution of Taiwan equity closely as a cue for directional outlook,” for the currency.