Sat, October 16, 2021


Baht opens stronger but faces pressure in the short term

The baht opened at 31.33 to the US dollar on Friday, strengthening from Thursday’s closing rate of 31.39.

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

Poon said that the baht faced fluctuation caused by negative factors in Thailand, as seen in the sales of Thai stocks by foreign investors.

However, he added that the baht would not weaken much as exporters aimed to sell the dollar when the baht moves near 31.30 to 31.40 per US dollar. The important resistance mark for the Thai currency is 31.50.

Poon urged exporters to consider exchange risk, as the baht tended to strengthen, not weaken, due to the dollar’s situation.

Published : May 14, 2021

By : The Nation