Poon said the baht is likely to fluctuate in a wide range. However, the Monetary Policy Committee’s decision to maintain the policy interest rate might pressure the baht to weaken, he added.

Moreover, uncertainty over the Ukraine-Russia conflict could add downward pressure on the baht and other currencies in Emerging Asia – China, India, Indonesia, Philippines and Vietnam.

Poon said that investors should monitor transactions of foreign investors after they returned to the Thai stock market in force. Last week saw foreign investors purchase 5 billion baht worth of Thai stocks. Meanwhile, sales of short-term bonds are slowing.

He forecast a baht resistance level of 33.75, which would see exporters selling the dollar.

He added that the Russia-Ukraine conflict and US Federal Reserve’s signalled interest-rate rise could help support the dollar.