Baht opens unchanged on Friday at 35.75/dollar
The baht opened at 35.75 to the US dollar on Friday, unchanged from close of trade on Thursday.
The currency will likely move between 35.65 and 35.85 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.
Poon said that the dollar’s risk-on state is supporting strengthening of the baht. The Thai currency would also face upward pressure if the gold price continues to rise prompting a sell-off, he added.
However, baht strengthening might slow as foreign investors sell Thai assets, especially short-term bonds.
Meanwhile, importers are waiting to buy dollars at the end of this month. Poon estimated the baht’s support level at between 35.50 and 35.70 to the dollar.
He also advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.