Friday, April 23, 2021

in-focus

Baht up a tad


The baht rose slightly to 30.05 to the US dollar on Thursday, weakening from Wednesday’s close of 30.03.

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The Thai currency is likely to move between 29.95 and 30.05, Krungthai market strategist Poon Panichpibool said.

He said the baht would continue to move in a narrow range as no new factors have emerged to influence the market.

However, the baht could strengthen if there was a reduction in market fluctuations after the US Federal Reserve chairman gave an assurance that the central bank’s policies would not change quickly.

Poon advised investors to monitor foreign fund inflows in the short term.

Importers would purchase the dollar when the baht strengthens to between 29.90 and 29.95 per US dollar, he predicted.

Meanwhile, Jitipol Puksamatanan, the head of SCB Securities’ Easy Invest team, said most investors were not confident that the dollar would continue to weaken. Moreover, Asian capital markets have witnessed a fluctuation from negative news in each country.

Jitipol suggested investors also monitor Asian stock markets as their performance is related to investment in Asian currencies, including the baht.

Published : February 25, 2021

By : THE NATION