Baht likely to continue drifting sideways across New Year
The baht opened at 33.50 to the US dollar on Thursday, unchanged from Wednesday’s closing rate.
The Thai currency is likely to move between 33.45 and 33.55 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said that the baht is likely to swing sideways while the Omicron situation might pressure the baht to weaken.
However, foreign investors did not worry about the Omicron situation and continued to invest in Thai stocks this week.
Moreover, Poon said that the baht might strengthen because investors are selling gold while the dollar is weakening. He speculated the baht will be at between 33.40 to 33.50 to the dollar at the end of the year.
In 2022, Poon said the baht is likely to swing sideways at the beginning of the year due to the Omicron situation.
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He said the baht is likely to strengthen in the second half of 2022 if the tourism sector greatly recovers while foreign investors invest in Thai assets.
Poon added the baht could reach the level between 31.75 to 32.00 to the dollar.
