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Baht rate stable at opening


The baht opened at 29.96 to the US dollar on Wednesday, barely changing from Tuesday’s close of 29.99.

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The Thai currency is likely to move between 29.95 and 30.05, Krungthai market strategist Poon Panichpibool said.

 

Financial markets fluctuated on Tuesday night due to investor concern about the Covid-19 situation around the world and unsure US stimulus measures, despite the International Monetary Fund estimating that the global economy would grow 5.5 per cent this year and 4.2 per cent in 2022.

 

The S&P 500 index decreased by 0.15 per cent and the Russell 2000 by 0.6 per cent, reflecting concern about a US economic recovery.

 

Investors are also awaiting results of the US Federal Open Market Committee meeting on Wednesday, as the Ten-Year Treasury yield moved near 1.03 per cent.

 

At the same time, the main currencies strengthened, compared to the dollar.

 

In Thailand, the baht will not strengthen more than 29.90 per US dollar, Poon predicted. Factors that would affect the Thai currency include the direction of the dollar’s movement and foreign fund flows.

Published : January 27, 2021

By : THE NATION