Poon said the baht might begin to strengthen as the market was open to more risks.

Foreign investors are waiting for the baht to strengthen in an attempt to make a profit.

Investors should speculate on transactions of short-term bonds to see if these increase in value or not, he recommended.

Moreover, the baht might gain support from gold sales, he said.

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

The support level for the Thai currency will be from 32.80 to 33.00, a level importers are waiting for so they can purchase dollars, while the resistance level will be 33.30, a level eyed by exporters so they can offload their dollars, he said.

The Russia-Ukraine war has forced markets into a risk-off state, which means they will remain volatile. Poon said business operators should use hedging tools such as options to manage risks.

He explained that the market was open to more risks as negotiations between Ukraine and Russia saw some progress.

However, with the discussions as well as the war still continuing, the currency market could remain volatile in the short term, he added.