The Thai currency is likely to move between 31.40 and 31.50 during the day, Krungthai Bank market strategist Poon Panichpibool said.

He predicted that the baht would weaken in the short term due to the market situation and the Covid-19 crisis in Thailand.

However, Poon believed the baht would strengthen in the near future because of a weakening dollar as well as Covid-19 vaccinations for the general Thai public, which would draw investors back to the country.