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Baht likely to weaken from sales of currency due to Covid-19 wave


The baht opened at 31.49 to the US dollar on Monday, weakening from its close of 31.47 on Friday.

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The Thai currency is likely to move between 31.25 and 31.65 this week and between 31.40 and 31.55 during the day, Krungthai Bank market strategist Poon Panichpibool said.

 

Last week, economies across the world saw some recovery from expansion of the service sector, which surpassed observers’ expectations.

 

Poon suggested that investors monitor the US dollar trend, which could strengthen in line with the movement of US Ten-Year Treasury.

 

The market strategist forecast that some investors would reduce their baht holdings, due to the new Covid-19 wave in Thailand. Their move will weaken the baht, he added.

 

Published : April 12, 2021

By : THE NATION