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Baht likely to strengthen amid stock purchases by foreign investors
The baht opened at 31.17 to the US dollar on Thursday, unchanged from its closing rate on Wednesday.
The Thai currency is likely to move between 31.15 and 31.25 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He said the baht would weaken slightly this morning due to a strengthening dollar. However, the Thai currency would itself strengthen later, due to stock and bond purchases by foreign investors.
Poon also said the baht in the short term would be supported by foreigners, who have started investing in Thailand again after seeing a smoother distribution of vaccines across the country.
He suggested that investors monitor the Covid-19 situation in Thailand, as well as vaccine distribution, as these would be key factors in influencing the direction of the baht in the second half of this year, due to factors related directly to foreign investment.
Published : June 10, 2021
By : The Nation