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Baht opens firm, but Asian currencies unable to gain from weakening dollar due to Covid


The baht opened at 31.37 to the US dollar on Monday, unchanged from Fridays close.

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 suggested that investors monitor the dollar’s direction and the sales of assets in Asia.

The market strategist added that the US currency could weaken or be stable if the market is in a risk-on state.

He said that the Covid-19 crisis had pressured Asian currencies, so they fluctuated and did not strengthen despite the dollar weakening.

Poon predicted that the baht’s resistance would be at around 31.50 to 31.60 per US dollar, as it was the point where exporters aimed to sell the dollars they were holding.

Published : May 24, 2021

By : The Nation