However, the market’s risk-off condition is driving up the price of gold, causing investors to sell the precious metal which in turn was helping to support the baht, Poon said.

Meanwhile, investors purchasing Thai stocks in expectation of domestic economic recovery were also causing the baht to strengthen, he added.

The baht’s key resistance level will be 32.80 to 32.90 per dollar, while the key support level will be 32.20-32.40, Poon said.

The Russia-Ukraine war would encourage a risk-off state, which means markets will remain volatile. Poon said business operators should use hedging tools such as options to manage risk.