Thai Baht weakens to Baht35/USD
The Thai Baht opened this morning at 35.13 baht per US dollar, down from the previous day's closing rate of 35.06 baht per US dollar. T
This represents the sharpest weakening in more than three months, according to Krung Thai Bank's Money Market Division analyst Poon Panichpibul.
Factors supporting the depreciation stem from the strengthening of the USD, which comes with a contraction in the price of gold, putting pressure on the Thai Baht due to the reduced demand for gold purchases. Additionally, selling pressure on Thai assets from foreign investors can also contribute to the depreciation of the Thai Baht, Poon said, as some exporters may wait for the Thai Baht to weaken below the 35 baht per USD threshold. However, it is believed that the Thai Baht may change its volatility zone, Poon added.
