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BOT puts baht’s rise down to confidence, surging regional currencies

SATURDAY, NOVEMBER 12, 2022

The baht is strengthening in line with the upward trend in Asian currencies, the Bank of Thailand (BOT) said in relation to the 5% rise in the Thai currency.

Asian currencies are picking up in response to rising investors’ confidence following speculation that the US Federal Reserve may ease its monetary policy amid a slowdown in inflation, BOT spokesperson Chayawadee Chaianant said on Friday. She is also the central bank’s assistant governor for corporate relations.

She also put the rise down to signs that China may relax its zero-Covid policy.

According to Reuters, the dollar fell across the board for a second straight day on Friday as investors favoured riskier currencies following cooler-than-expected US inflation data, which fuelled the Federal Reserve’s decision to ease its hefty interest rate hikes.

The weakening of the dollar on Friday was an extension of the movement set off after Thursday’s data showed that inflation in the US rose 7.7% year on year in October, the slowest since January and below the 8% forecast.

The BOT, however, predicts that the financial market will still experience high volatility in the coming months, and has warned the private sector to monitor risks from currency exchange rates closely.

The central bank also said that between November 1 and 10, foreigners have purchased 107 billion baht worth of Thai assets. Of that, 89 billion baht was spent on the bond market and 18 billion baht on the securities market.

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