Poon said the baht was likely to fluctuate in a wide range due to pressure from the Russia-Ukraine conflict.

However, it would not weaken much because the gold price is increasing as investors sell the precious metal, he pointed out. Moreover, the baht is finding support from foreign purchases of Thai stocks.

In the short term, the baht’s key resistance level will remain at 32.80-32.90 to the dollar, while the key support level would be at 32.40.

Poon noted that the currency market is back to selling risk assets again due to the Russia-Ukraine conflict after peace negotiations failed.

Meanwhile, some investors are worried about stagflation as energy prices increase while central banks are raising interest rates.

Sanctions on Russia are also pressuring the overall world economy, Poon added.