Tuesday, September 21, 2021

business

Covid situation still casts shadow over baht as foreign investors head for exit


The baht opened at 32.94 to the US dollar on Tuesday, unchanged from Monday’s closing rate.

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The Thai currency is likely to move between 32.90 and 33.00 during the day, Krungthai Bank market strategist Poon Panichpibool said.

Poon said the baht was weakening while the US dollar could swing sideways. The baht was unlikely to strengthen soon as the Covid-19 situation in Thailand could worsen.

Foreign investors were still offloading their assets, such as stocks in Thailand, which would lead to a weakening of the baht, he predicted.

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.

Published : August 03, 2021

By : The Nation