Baht breaks 31 to hit 30.866 per dollar, strongest in nearly five years

The baht strengthened past 31.00 per US dollar to 30.866, marking a new 4 years and 10 months high—its strongest level since March 2021—before returning to trade around 30.90-30.92. The move was driven by broad US dollar selling, a surge in gold prices, and strength in the yen and yuan.

Kasikorn Research Center said the baht continued to appreciate, breaking the 31.00 resistance and touching 30.866, the firmest level in 4 years and 10 months since March 2021. It later moved back to 30.90-30.92 per dollar in morning trade (08:35), compared with the previous day’s close of 31.05.

The baht’s strength has been supported by gold prices hitting a new all-time high, as well as broader gains in Asian currencies—particularly the yen, which has continued to appreciate—amid a weakening US dollar.

Markets have also been increasingly concerned about US economic and monetary policy under President Donald Trump, amid heightened uncertainty over the selection of the next Federal Reserve chair and the risk of a potential US government shutdown later this month.

Poon Panichpibool, Markets Strategist at Krungthai GLOBAL MARKETS (Krungthai Bank), said the baht has again broken through the 31.00 support zone and is trading within a range of 30.89-31.13 per dollar.

He said the move has been underpinned by US dollar weakness, as the greenback faces selling pressure—particularly after President Trump signalled he was not concerned about the dollar’s recent depreciation.

For today (January 28, 2026), the baht is expected to trade in a range of 30.80-31.05 per dollar. Key factors to watch include signals on Federal Reserve interest rate moves from tonight’s meeting, movements in the yen and global gold prices, and foreign investor fund flows.

The dollar is also under pressure from uncertainty surrounding US economic policy, with investors expecting the Fed could cut interest rates this year—some anticipating as many as two rate cuts. Markets are closely watching tonight’s Fed meeting for further clues on the future policy path.

Analysts said the baht’s appreciation may be limited in the short term if uncertainty in the US persists and if key trading partners intervene in currency markets. However, they said the baht could test 30.80 per dollar if the US dollar continues to weaken on the factors outlined above.