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Baht hits weakest level in almost a month

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The baht opened at 33.12 to the US dollar on Friday, weakening from Thursday’s closing rate of 33.04, the weakest in almost a month.

The Thai currency is likely to move between 33.05 and 33.25 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht is still pressured more than strengthening in the short term. Foreign investors might sell more Thai bonds amid concerns that bond issues in the future might be more than expected.

Some investors have stopped speculating that the baht will strengthen, due to worries of a new Covid-19 wave. Foreign investors would sell Thai stocks if the situation clearly worsened.

Meanwhile, the US market is not in a mood for risk. The market is also worried that volatility will increase on Friday, which is the day when both future and options of stock shares and indexes are due. There might be a big change in asset possession, he added.

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Published : September 17, 2021