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Demand for foreign currencies from importers could weaken baht


The baht opened at 30.89 to the US dollar on Tuesday, unchanged from the close on Tuesday.

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The Thai currency is likely to move between 30.80 and 30.95, Krungthai Bank market strategist Poon Panichpibool said.

 

He said the baht would still fluctuate in line with the dollar.

 

The baht could weaken during the day due to pressure from importers’ purchase of foreign currencies.

 

However, the market strategist believed that the baht would see a.sharp drop, as exporters would aim to sell their dollars when the Thai currency falls to between 30.90 and 31 per US dollar.

 

Also, the baht would weaken to 31.25 in case it reached 31, he added.

Published : March 23, 2021

By : THE NATION