Strengthening dollar and Covid crisis drag baht down
The baht opened at 32.12 to the US dollar on Tuesday, weakening from Monday’s closing rate of 32.11.
The Thai currency is likely to move between 32.05 and 32.20 during the day, Krungthai Bank market strategist Poon Panichpibool said.
Poon said the baht was still pressured by the dollar and the Covid-19 situation in the world, especially in Thailand. Foreign investors have sold their assets in Thailand, as they are concerned about the virus crisis, he added.
Meanwhile, the price of gold has rebounded, becoming a factor in purchase of dollars and helping sustain the baht at around 32 to the US currency.
