The Thai currency is likely to move between 32.80 and 32.95 during the day, Krungthai Bank market strategist Poon Panichpibool said.

Poon said the US dollar was weakening but the Thai currency was unlikely to strengthen soon due to the worsening Covid-19 situation in Thailand.

Foreign investors were still offloading their assets, such as stocks in Thailand, which would lead to a weakening of the baht, he predicted.

But Poon believed the Thai currency would not weaken below 33 per US dollar if investors felt “safe” from the worldwide Covid-19 situation and hence did not need to hold onto safe-haven assets.