Baht not expected to strengthen anytime soon
The baht opened at 32.85 to the US dollar on Thursday, weakening from Wednesday’s closing rate of 32.84
The Thai currency is likely to move between 32.75 and 32.90 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He said the baht would not strengthen soon due to the dire Covid-19 situation in the country, causing foreign investors to offload their assets such as stocks in Thailand.
However, Poon believed the Thai currency would not weaken below 33 per US dollar if investors felt safe from the worldwide Covid-19 situation and hence did not need to hold onto safe-haven assets.
