Baht continues to advance
The baht opened at 33.25 to the US dollar on Wednesday, strengthening from Tuesday’s closing rate of 33.31.
The Thai currency is likely to move between 33.15 and 33.35 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.
The baht’s key support level would be from 33.10 to 33.20, the level some importers are waiting for so they can buy dollars, he added.
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The key resistance level for the baht would be from 33.40 to 33.50 to the dollar, which is the level at which exporters might sell the US currency.
