The Thai currency is likely to move between 33.25 and 33.40 during the day, Krungthai Bank market strategist Poon Panichpibool said.

The baht could be volatile as exporters continue to sell the dollar while investors short-sell the Thai currency as the Covid-19 situation has almost reached its worst point yet.

Poon said the baht was likely to fluctuate and weaken due to the Covid-19 crisis and the rising dollar, amid demand for safe-haven assets and the Federal Reserve’s decision to reduce quantitative easing this year.

He expected the key resistance level would be between 33.40 and 33.50 to the US dollar as exporters are waiting to offload the dollar.