Baht could weaken today
The baht opened at 31.17 to the US dollar on Wednesday, weakening from Tuesday’s closing rate of 31.10.
The Thai currency is likely to move between 31.15 and 31.25 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He said the baht tended to move in a predictable range, as the direction of the dollar was not clear at this time. The baht would weaken during the day in case foreign investors continued selling Thai stocks, he added.
However, the baht will not weaken sharply, as exporters aimed to sell the dollar when the baht moves near 31.20 to 31.30, Poon said.
He added that the important resistance level of the Thai currency was at 31.00.