The Thai currency is likely to move between 31.15 and 31.25 during the day and between 31.10 and 31.40 this week, Krungthai Bank market strategist Poon Panichpibool said.

He said the baht tends to fluctuate according to the Covid-19 situation in the country.

The financial market has also seen fluctuation and is in a risk-off state because investors are concerned the US Federal Reserve may lift the interest rate.

Poon explained that this concern came from a statement by US Treasury Secretary Janet Yellen, who said “it may be that interest rates would have to rise somewhat to make sure that our economy doesn’t overheat”.