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As mass vaccination drive begins, baht expected to move sideways
The baht opened at 31.16 to the US dollar on Monday, strengthening from 31.28 at close on Friday.
The Thai currency is likely to move between 31.10 and 31.20 during the day and between 31.05 and 31.35 this week, Krungthai Bank market strategist Poon Panichpibool said.
He predicted that the baht would move sideways due to the dollar’s status and funds inflows from foreign investors in Thailand.
Poon said the dollar could fluctuate and strengthen if the market shows concern about inflation.
However, the dollar has limited upward potential, as other currencies would tend to strengthen as well if economic information from each region shows evident recovery.
Poon explained that one factor that could impact the baht was the Covid-19 vaccination drive in Thailand. If the operation goes smoothly, foreign investors would be confident to invest in Thailand.
In the initial phase of the mass vaccination drive, there could be hiccups hence the market strategist believes the Thai currency will move sideways.
Published : June 07, 2021
By : The Nation