Wed, December 01, 2021

business

Baht on a weakening trend as foreign investors react to Thai Covid situation


The baht opened at 32.09 to the US dollar on Friday, weakening from Thursday’s closing rate of 32.05.

The Thai currency is likely to move between 32 and 32.15 during the day, Krungthai Bank market strategist Poon Panichpibool said.

He predicted that the baht would tend to weaken, and would fluctuate in line with the dollar.

He explained that the market was waiting for the US nonfarm payrolls report this week, as it could strengthen the dollar if the results exceeded observers’ expectations.

However, in Thailand, the biggest factor determining the baht's movement was the Covid-19 situation. This had led to foreign investors offloading more of their Thai assets, especially stocks, inevitably pressuring the baht to weaken.

Published : July 02, 2021

By : The Nation