Baht pressured by foreign investor concerns on Covid situation in Thailand

The Thai currency is likely to move between 31.55 and 31.70 during the day, Krungthai Bank market strategist Poon Panichpibool said.

Poon explained that the baht had weakened due to concerns among foreign investors about the Covid-19 situation in Thailand. This worry had prompted them to sell their risk assets in the country. He added that this issue was of greater concern to Thailand than the strengthening of the dollar.

However, the baht would not weaken sharply, as exporters aim to sell dollars when the baht reaches around 31.60 to 31.70 to the US currency.

He said it was almost impossible for the baht to hit 32 to the US dollar.