Poon said the baht found support from China’s new “Zero Covid” prevention measures, which could lead to a travel bubble with Thailand.

He said the market was open to more risks as foreign investors continued to buy Thai stocks, which have helped the baht to strengthen.

However, the Russia-Ukraine war might keep the market in a risk-off state, which means markets will remain volatile.

Poon said the market will swing in a wider range than normal. The baht’s key resistance level will remain at 32.80 to the dollar, while the key support level would be from 32.20 to 32.40.