Poon said the baht was weakening due to foreign investors selling their short-term bonds.

He expected they would offload fewer Thai assets amid a price increase in gold, which would influence investors to sell the precious metal.

If the market is not in a risk-off state, the baht might slow its trend of weakening and swing sideways.

He said the resistance level would be from 33.30 to 33.40, the level exporters are waiting for to sell the dollar.

The currency market is fluctuating as investors are in a risk-off state after US President Joe Biden announced a ban on import of Russian energy. Investors are worried that Western countries might intensify sanctions against Russia.