Covid-19 situation in Thailand could determine baht's value
The baht opened at 31.17 to the US dollar on Friday, strengthening from its close of 31.49 on Monday.
The Thai currency is likely to move between 31.15 and 31.25 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He expected the baht to strengthen due to the weakening dollar. However if the Covid-19 situation in Thailand intensifies, foreign investors will sell Thai assets, causing the baht to weaken or strengthen only slightly.
Poon added that the baht could weaken to a low of 31.40 to the US dollar, as several companies have purchased foreign currencies to pay dividend.