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Thailand: Baht expected to fluctuate in the range of 31 to 31.30 to the dollar

  • May 11, 2021

The baht opened at 31.09 to the US dollar on Tuesday, unchanged from Mondays closing rate. The Thai currency is likely to move between 31.05 and 31.20 during the day, Krungthai Bank market strategist Poon Panichpibool said.

He predicted that the baht would move to 31 to the dollar with resistance.

Meanwhile, several companies are purchasing foreign currencies for paying dividend. During the rest of this month, dividend payments would total around THB18 billion, the market strategist added.

If the market remained in a risk-off state, he forecast that the Thai currency would move between 31 and 31.30 per US dollar.

Poon said that the baht would tend to weaken or fluctuate due to the Covid-19 situation in Thailand.

Foreign investors have continually sold Thai stocks, in volumes higher than bonds sold by other investors.

 

Published : May 11, 2021

By : The Nation