Baht opens weaker due to low market sentiment
The baht opened at 33.30 to the US dollar on Friday, weakening from Thursday’s closing rate of 33.20.
The Thai currency is likely to move between 33.20 and 33.40 during the day, Krungthai Bank market strategist Poon Panichpibool said, adding that low market sentiment prompting foreign investors to sell Thai stocks will make the baht fluctuate and even weaken.
However, he reckons the baht will not drop much because there are not too many energy, financial or tech stocks, so the Thai market is benefiting from cyclical investments.
The baht’s resistance level will lie between 33.30 and 33.50, the level that exporters are waiting for to sell the dollar, he concluded.
