Baht expected to strengthen today, but could weaken from virus situation
The baht opened at 31.34 to the US dollar on Thursday, strengthening from its close of 31.36 on Wednesday. The Thai currency is likely to move between 31.30 and 31.40 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He predicted that the baht would strengthen on Thursday due to a weakened dollar. However, the Thai currency would weaken if Thailand’s Covid-19 crisis intensifies.
Poon added that the baht would weaken slightly as the number of daily Covid-19 cases in Thailand has stayed at around 2,000.
He explained that exporters would start selling the dollar when the baht weakens to between 31.40 and 31.45.
Meanwhile, importers would purchase the dollar when the baht strengthens near 31.30.
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