FRIDAY, March 29, 2024
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Baht strengthens slightly in line with other Asian currencies

Baht strengthens slightly in line with other Asian currencies

The baht opened at 31.21 to the US dollar on Thursday, strengthening from 31.23 at close on Wednesday.

The Thai currency is likely to move between 31.10 and 31.30 on Thursday, said Jitipol Puksamatanan, multi-assets strategist at SCB Securities.
Some global markets recovered on Wednesday night. The S&P 500 index increased by 1.7 per cent due to investors’ hopes the US government would go in for more economic stimulus measures.
Meanwhile, the dollar weakened by 0.2 per cent and the US bond yield rose by 0.78 per cent, pointing to a market in a “risk on” state again. The price of gold also increased slightly, to $1,888 (Bt58,927) per ounce.
As for the Thai currency, Jitipol predicted that in the short term the baht would strengthen in line with other Asian currencies. Development of a Covid-19 vaccine would be another factor that would strengthen Asian currencies – especially if the vaccine proved to be a success – within this quarter, he added.

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