Baht ‘unlikely to strengthen’ in present situation
The baht opened at 31.40 to the US dollar on Wednesday, strengthening from Tuesday’s closing rate of 31.45.
The Thai currency is likely to move between 31.35 and 31.50 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He believes the baht will not strengthen over the long course, as several Asian countries are still in a Covid-19 crisis. Also, foreign investors have come under pressure in this situation to sell their assets in Asia.
The resistance level of the baht is at 31.60 per US dollar, with support at 31.30, Poon added.
