Poon said the baht’s sudden weakening on Monday will slow after passing the resistance level at 33 to the dollar.

However, the baht might weaken further if the market maintains a risk-off state and foreign investors sell more Thai assets.

Meanwhile, the baht might be supported by gold-selling if the Ukraine-Russia conflict eases, so investors should monitor peace negotiations, Poon said.

He expected exporters to sell dollars when the baht reaches the key resistance level at 33.20.\

He expected a key support level of 32.50, at which point importers would buy the dollar.

The Russia-Ukraine war was encouraging a risk-off state, which means markets will remain volatile. Poon said business operators should use hedging tools such as options to manage risk.