The Thai currency is likely to move between 31.10 and 31.20 during the day, Krungthai Bank market strategist Poon Panichpibool said.

He said the baht would move “sideways” while markets were awaiting the outcome of the US Federal Reserve meeting.

Poon also said the baht would weaken from stock sales by foreign investors after seeing problems with vaccine procurement and distribution in Thailand.

The baht will not weaken sharply as exporters aimed to sell their dollar holdings when the Thai currency touched 31.20 to 31.30 per US dollar, he added.