Sat, October 23, 2021

business

Baht weakens, could face downward pressure this week


The baht opened at 31.35 to the US dollar on Monday, weakening from Friday’s closing rate of 31.39.

The Thai currency is likely to move between 31.30 and 31.45 during the day and between 31.20 and 31.50 this week, Krungthai Bank market strategist Poon Panichpibool said.

He said the dollar would tend to be stable or weaken, depending on the market situation and recovery of the European economy.

Poon said the financial fluctuation in Asia caused by Covid-19 would prompt foreign investors to sell their assets in Asian markets. He suggested that Thai investors monitor trading of foreign currencies as it could weaken the baht.

The market strategist said the baht will not weaken sharply, and the currency’s resistance was between 31.40 and 31.50 per US dollar.

He added that the baht could strengthen from gold trade this time, when the metal’s price tends to increase.

Published : May 17, 2021

By : The Nation