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https://www.nationthailand.com/thailand/economy/40021252

Baht plummets further against dollar on Friday

FRIDAY, OCTOBER 21, 2022

The baht opened at 38.23 to the US dollar on Friday, weakening from Thursday’s close of 38.12.

The Thai currency will likely move between 38.15 and 38.45 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

Poon said that the baht may weaken further if the currency market remains risk-off, adding that it could test the resistance level of 38.50 to the dollar.

He said the baht is being pressured by mass selloffs of long-term Thai bonds by foreign investors as yields on the US 10-year bond continue to rise.

Gold purchases as the price drops are adding to downside pressure on the baht. Meanwhile, investors are also purchasing yen after the Japanese currency weakened to 25.28 baht per 100 yen.

However, Poon did not think that the baht would breach its resistance level of 38.50 to the dollar since exporters were waiting to sell the greenback at this level and foreign investors shorting the baht may also sell for profit.

He added that foreign outflows from the Thai stock market were decreasing while signs of net buying from investors abroad would slow any weakening of the baht.

Poon advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.