Fri, May 20, 2022


Baht slides to lowest level in five years

The baht opened at 34.73 to the US dollar on Friday, weakening slightly from Thursday’s close of 34.71 to its lowest value in five years.

The currency is expected to move in a range between 34.65 and 34.80 on Friday, said Krungthai Bank market strategist Poon Panichpibool.

Poon said that the baht could fluctuate and weaken further as the dollar is strengthening and the Asian currency market remains in a risk-off state.

He advised monitoring foreign transactions, especially in Thai stocks. However, any short-term weakening of the baht would be limited unless foreign investors sell a large quantity of Thai assets, he added.

Meanwhile, exporters are waiting to sell the dollar at the resistance level of 34.75.

Poon advised businesses to use hedging tools such as options to manage risks in the highly volatile currency market.

Published : May 13, 2022


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