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Thailand: Baht may be pressured if foreign investors continue to sell assets

  • May 07, 2021

The baht opened at 31.23 to the US dollar on Friday, strengthening from its previous close of 31.26 on Thursday. The Thai currency is likely to move between 31.15 and 31.30 during the day, Krungthai Bank market strategist Poon Panichpibool said.

In the short term, he predicted that the baht would tend to fluctuate due to the Covid-19 situation in Thailand, which could prompt foreign investors to sell more assets in Thailand.

The market strategist suggested that investors monitor the volume of stocks foreign investors sell this time.

However, he added that the baht would weaken only slightly, as the dollar has not strengthened.

Moreover, some foreign investors have purchased bonds, a sign of speculation on the baht.

 

Published : May 07, 2021

By : The Nation