Baht strengthens after investors buy stocks, gold price rise
The baht opened at 33.17 to the US dollar on Thursday, strengthening from the previous closing rate of 33.45.
The Thai currency is likely to move between 33.10 and 33.30 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said that the baht might strengthen as foreign investors are buying Thai stocks because they expected the economy to recover after the country opening next month.
Meanwhile, investors sold gold after the price increased caused the baht to strengthen in the short term.
Poon said that the baht might strengthen and the support level would be 33 to the US dollar. The baht will not strengthen much soon as the Covid-19 situation is still worrying and the basic factor was not fully recovered.