Baht stable but sales by foreign investors could trigger volatility
The baht opened at 32.72 to the US dollar on Friday, unchanged from Thursday’s closing rate.
The Thai currency is likely to move between 32.65 and 32.80 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said the baht would drift sideways. The baht might be volatile and weaken during the day while many foreigners were selling Thai assets this week -- stocks and bonds.
The key resistance level for the baht would be from 32.90 to 33.00 to the dollar, which is the level at which exporters might sell the US currency, Poon said.
Meanwhile, the baht’s key support level would be from 32.50 to 32.60, the level some importers are waiting for so they can buy dollars, he added.