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Baht ‘under pressure as foreign investors still concerned about Thai economy’

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The baht opened at 31.31 to the US dollar on Thursday, weakening from 31.17 at close on Wednesday.

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 the baht tended to weaken in line with the strengthening of the dollar, but the Thai currency is also under pressure from foreign investors' sales of Thai stocks. He pointed out that investors were still concerned about the Thai economy as Covid-19 vaccine distribution in the country had hit a snag.

However, Poon explained that the baht would not weaken sharply as exporters aimed to sell their dollar holdings when the baht moved near 31.30 per US dollar. He expected the baht to move between 31.20 and 31.40 if there is no new factor influencing the currency.

Published : June 17, 2021

By : The Nation