Thai currency stays firm against dollar but room for depreciation
The baht opened at 31.21 to the US dollar on Tuesday, unchanged from Mondays close. The Thai currency is likely to move between 31.15 and 31.30, Krungthai Bank market strategist Poon Panichpibool said.
He said the baht had strengthened due to the weakening dollar. However, there were factors looming to weaken the baht, such as the Covid-19 situation in Thailand.
Poon added that importers aimed to purchase the dollar when the baht was at 31.15 to the greenback. Also, exporters planned to sell the dollar when the baht weakens to 31.50 per US dollar.
The market strategist mentioned that the market on Tuesday would focus on results of registered companies around the world. If the turnover were in positive zone, investors would show readiness for risk, he explained.
