The Thai currency is likely to move between 32.45 and 32.60 during the day and between 32.40 and 32.90 this week, Krungthai Bank market strategist Poon Panichpibool said.

Poon said that the baht would weaken, as foreign investors had decided to sell their assets in Thailand due to uncertainty caused by Covid-19 in the country. This situation will improve if 500,000 doses of Covid-19 vaccine are distributed every day.

Poon predicted that the baht could fall to 33 to the US dollar if it passes a resistance between 32.70 and 32.80.

Last week, Covid-19 outbreaks in several countries had pressured emerging markets. Numerous central banks have already run more relaxation measures.