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Investors snap up baht as soon as it hit 33 to the dollar

The baht opened at 33.05 to the US dollar on Tuesday, weakening from Monday’s closing rate of 32.88.

The Thai currency is likely to move between 32.85 and 33.05 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht might strengthen as foreign investors are buying Thai stocks and short-term bonds.

He believed that foreign investors are investing in the baht while exporters are waiting to sell the dollar after the baht reached 33 to the dollar, which will cause the baht to not weaken much.

However, the baht might fluctuate from the dollar’s trend and the gold sell-offs. The gold price that dropped to the key support level of 1,800 dollars per ounce might cause investors to buy on dips. These investments will cause the baht to weaken.

Published : November 23, 2021