Slow pace of vaccination casts a shadow over baht
The baht opened at 32.16 to the US dollar on Monday, strengthening from Friday’s closing rate of 32.19.
The Thai currency is likely to move between 32.10 and 32.25 during the day and between 32 and 32.50 this week, Krungthai Bank market strategist Poon Panichpibool said.
He said the main factors behind the baht's weakening were the dollar's strengthening and funds flow from foreign investors in Thailand.
Poon predicted that the dollar will possibly strengthen, since the US economy is recovering well, while other regions in the world – Europe and Asia – are still facing the Covid-19 crisis.
The market strategist added that Thailand should provide at least 500,000 jabs of Covid-19 vaccine a day for foreign investors to buy Thai assets, as they were concerned about the present situation.
Poon added that the baht would slide to 32.50 per US dollar if it weakened to 32.30.
