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Baht expected to weaken amid rising demand for safe haven assets
The baht opened at 32.86 to the US dollar on Tuesday, unchanged from Monday’s closing rate.
The Thai currency is likely to move between 32.80 and 32.95 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He said foreign investors had decided to sell their assets in Thailand due to uncertainty caused by the Covid-19 situation in the country, and this would lead to a gradual weakening of the baht.
Meanwhile, the baht’s weakening will lead to importers exchanging the Thai currency for dollars, or other foreign ones. The baht would tend to weaken, or stabilise at 32.70 to the US dollar.
However, Poon predicted that the Bank of Thailand would sell dollars or other foreign currencies in order to ease the baht’s fluctuation, or delay its weakening.
Poon added that the dollar would strengthen due to market players’ concerns about the Covid-19 situation around the world, which had increased the demand for safe haven assets. In addition, this strengthening is another factor in weakening the baht, he added.
Published : July 20, 2021
By : The Nation