Poon said the baht was likely to fluctuate in a wide range due to the Omicron situation as well as Russia-Ukraine tensions.

However, the Thai currency will not weaken much, he said. If war breaks out, the gold price is likely to increase, which will force investors to sell, especially if the precious metal reaches 1,950 dollars per ounce.

The support level for the Thai currency will be from 32 – a level importers are waiting for so they can purchase dollars – while its key resistance level will be 32.50 – a level eyed by exporters so they can offload their dollars, he said.

Russia-Ukraine tensions are keeping investors in a risk-off state as they aim to decrease possession of risky assets.