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Dividend payments expected to weaken baht in second quarter
NationalApr 05. 2021
By THE NATION
The baht opened at 31.33 to the US dollar on Monday, weakening from its close of 31.30 on Friday.
The Thai currency is likely to move between 31.15 and 31.50 this week and between 31.25 and 31.40 during the day, Krungthai Bank market strategist Poon Panichpibool said.
The financial market tends to be more ready for risk. However, total transactions in the market were lacklustre, as Sunday marked both Easter and Qingming Festival, he said.
The strategist warned that the market would fluctuate if a big transaction happened.
In Thailand, the baht moved in line with the dollar. The dollar has tended to strengthen, as investors were more hopeful about the US economy, after nonfarm payroll was better than expected.
Poon predicted that several foreign currencies would be purchased in the next few months for the purpose of paying dividends, and the baht would weaken from this financial activity.
He said that during April and May, dividend payments would total more than Bt54 billion, and the second quarter would see the baht weaken the most.