Poon said the Thai currency is likely to swing in a wide range due to pressure from the Ukraine-Russia crisis, which is causing the dollar to strengthen.

The baht is also facing pressure from rising energy prices, which could take a toll on Thailand’s current account since the country is a net importer of energy.

However, Poon said the baht will not weaken much even in a risk-off market, as it will be supported by gold sales when the price nears the resistance level.

Meanwhile, foreign investors are waiting for the baht to strengthen on the back of Thailand’s economic and tourism recovery.

The baht’s key resistance level will be 32.80 to 32.90 per dollar, while the key support level will be 32.40, Poon said.

He added that investors were favouring the dollar due to the demand for safe assets. However, the US currency might weaken if the European Central Bank signalled an interest rate rise or tighter monetary policy to handle rising inflation, Poon said.