Baht opens stronger but Covid-19 situation could determine direction
The baht opened at 31.06 to the US dollar on Monday, strengthening from its previous close of 31.17 on Friday. The Thai currency is likely to move between 31 and 31.15 during the day and between 31 and 31.15 this week, Krungthai Bank market strategist Poon Panichpibool said.
He suggested that investors monitor the dollar’s movements, as the US currency could be stable or weak, if the market is ready for risk.
The market strategist said that the baht would not weaken sharply, and predicted resistance for the currency at 31 to the dollar.
However, Poon warned investors to beware of possible fluctuation of the baht caused by the Covid-19 situation in Thailand.
