The baht was likely to fluctuate in a wide range due to the Russia-Ukraine crisis and the Omicron situation, it said, adding that investors are also waiting to buy gold when the price goes down.

However, the bank advised investors to monitor the effect on foreign inflows of a heightened risk-on state in the US.

It added that foreign investors are poised to speculate on the baht if it nears a key resistance level in the short term. The key resistance level will be 32.80-32.90.

The bank said large-scale selling of assets is causing the currency market to fluctuate and return to a risk-off state.