The Thai currency is likely to move between 31.10 and 31.20 during the day and between 31.05 and 31.35 this week, Krungthai Bank market strategist Poon Panichpibool said.

He predicted that the baht would move sideways due to the dollar’s status and funds inflows from foreign investors in Thailand.

Poon said the dollar could fluctuate and strengthen if the market shows concern about inflation.

However, the dollar has limited upward potential, as other currencies would tend to strengthen as well if economic information from each region shows evident recovery.

Poon explained that one factor that could impact the baht was the Covid-19 vaccination drive in Thailand. If the operation goes smoothly, foreign investors would be confident to invest in Thailand.