Importers buy dollars as baht slides towards 32 to the greenback

The Thai currency is likely to move between 31.85 and 32.00 during the day, Krungthai Bank market strategist Poon Panichpibool said.

He said the most important factor influencing the baht was the Covid-19 crisis in Thailand, and the vaccine distribution in the country.

Poon predicted that importers would buy dollars at this time as the baht has weakening.

He suggested that investors monitor if the baht weakens to 32 per US dollar. If the baht reaches that point, technically the currency will move further to 32.25 to 32.50, he added.