Baht opens weaker, but analyst rules out plunge to 32 to the dollar
The baht opened at 31.42 to the US dollar on Friday, weakening from 31.40 at close on Thursday. The Thai currency is likely to move between 31.35 and 31.50 during the day, Krungthai Bank market strategist Poon Panichpibool said.
Poon said the baht tended to weaken in line with the strengthening of the dollar, but the Thai currency was also under pressure from foreign investors' sales of Thai stocks.
He pointed out that investors were still concerned about the Thai economy as Covid-19 vaccine distribution in the country had hit a snag.
Moreover, Poon added that the baht would not touch 32 to the US dollar, as exporters aimed to sell their dollars when the baht moves between 31.50 and 31.60.
“It is almost impossible for the baht at this time to weaken to 32 to the US dollar,” he said.
