Wed, October 20, 2021


Baht strengthens to its highest against the dollar in over nine months

The baht opened at 30.78 to the US dollar on Friday, strengthening from 30.88 at close on Thursday.

The Thai currency is likely to move between 30.70 and 30.90 on Friday, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.
Amid the US election, the S&P 500 and Stoxx 600 increased by 1.9 and 1 per cent, respectively. The US Federal Open Market Committee approved a freeze in interest rate at zero to 0.25 per cent.
This approval could also freeze the Two- and Ten-Year Treasury yields at 0.14 and 0.76 per cent from the previous day.
At the same time, the US initial jobless claims announced this week decreased to 751,000 positions. Total claims were 7.2 million people.
In the financial market, the dollar fell by 1.1 per cent, while the dollar index reached its lowest level since October 21. This factor supported the gold price to $1,946 per ounce.
In Thailand, the baht in the short term strengthened in line with other Asian currencies. The 30.80 per US dollar on Friday morning was the strongest rate since January 28.

Published : November 06, 2020