Poon said the baht rose due to a weakening dollar. But he added that the market has not fully opened to risk so the baht might fluctuate and weaken further to its resistance level at 34.70 to the dollar.

The Thai currency would be supported by sales of gold but will not strengthen significantly unless foreign investors begin buying Thai stocks continuously, Poon said.

The expected ceiling for the baht is 34.40 to the dollar, at which point importers would purchase the greenback.

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