Baht expected to weaken further as investors take refuge in dollars
The baht opened at 32.69 to the US dollar on Friday, weakening from Thursday’s closing rate of 32.66.
The Thai currency is likely to move between 32.65 and 32.80 during the day, Krungthai Bank market strategist Poon Panichpibool said
As of Thursday, foreign investors were continuing to sell their Thai assets due to uncertainty caused by the Covid-19 situation in the country, he said. This situation would lead to a gradual weakening of the baht, he added.
Poon warned investors to beware of the Covid-19 situation overseas, as it could pressure the global economy. Concerned by this situation, some players are banking on the dollar as a safe haven asset, he explained. The current situation is expected to further strengthen the dollar and pressure the baht.
