Effectiveness of measures to contain Covid to determine bahts direction
The baht opened at 32.67 to the US dollar on Tuesday, weakening from Monday’s closing rate of 32.65.
The Thai currency is likely to move between 32.60 and 32.75 during the day, Krungthai Bank market strategist Poon Panichpibool said.
Poon said that foreign investors had decided to sell their assets in Thailand due to uncertainty caused by the Covid-19 situation in the country. He said this situation would lead to a gradual weakening of the baht.
However, the situation could improve if preventive measures by the authorities are effective in containing the Covid-19 crisis.
On Monday, Poon predicted that the baht could fall to 33 to the US dollar if it passed a resistance between 32.70 and 32.80.
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