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Baht expected to weaken further


The baht opened at 30.01 to the US dollar on Thursday, weakening from Wednesday’s close of 29.98.

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The Thai currency is likely to move between 29.95 and 30.10, Krungthai market strategist Poon Panichpibool said.
Poon said the baht had weakened in line with the strengthening of the dollar.

 

Meanwhile, the gold price decreased to $1,775 (Bt53,285), the lowest point in the past nine months. Its resistance was between $1,750 and $1.775. Gold tends to be purchased for speculation, he pointed out.

 

Poon predicted the baht would weaken slightly. Importers were likely to buy the Thai currency when it strengthens to 29.85 per US dollar. However, the baht will not weaken more than 30.15, he added.

 

Published : February 18, 2021

By : THE NATION