Baht unchanged in opening trade
The baht opened at 31.21 to the US dollar on Wednesday, unchanged from its closing rate on Tuesday.
The Thai currency is likely to move between 31.15 and 31.25 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He explained that the baht could strengthen at most to 31.30 per US dollar and at this point exporters would want to sell their dollars. Meanwhile, importers would aim to buy foreign currencies – especially the dollar – when the baht moved to between 31 and 31.10, he said.
“The baht will continue moving in a narrow range if there is no new market factor to influence it,” Poon added.