The Thai currency is likely to move between 32.75 and 32.90 on Monday and between 32.60 and 33 this week, Krungthai Bank market strategist Poon Panichpibool said.

Poon explained that there were two negative factors affecting the baht, the dollar’s direction and the Covid-19 situation in Thailand and other countries.

He said the dollar tended to be supported by the demand as a safe haven asset when market players were still concerned about the Covid-19 crisis around the world. The worse the situation, the more the dollar will strengthen, Poon concluded.

At the same time, some foreign investors have sold their assets in Thailand amid uncertainty in the country, causing the baht to drop.