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Baht expected to ‘move in a narrow range’

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The baht opened at 31.16 to the US dollar on Wednesday, unchanged from Tuesday’s close.

The Thai currency is likely to move between 31.10 and 31.20 during the day, Krungthai Bank market strategist Poon Panichpibool said.

He predicted the baht would move in a narrow range despite the dollar rebounding and the currency weakening slightly.

Poon said the baht is presently being supported by the gold trade and fund flows by foreign investors, especially in stocks.

Poon also suggested that the Covid-19 vaccine distribution was a key factor related to investment. He believed that if the vaccine was distributed without any interruption, more people would invest in the Thai stock market, strengthening the baht in the next quarter.

Published : June 02, 2021

By : The Nation