Business uncertainty fuels Thai Baht dip amid political unrest and Asian currency devaluation

Embroiled in political and business uncertainty, the Thai baht plummeted to a low unseen since last November, a seven-month dip, agitating investor confidence. This occurred alongside a universal lowering in the value of various emergent Asian currencies versus an emboldened dollar, fuelled by robust US data allaying recession fears.

Stock markets in the region largely painted a bleak picture, with Seoul’s shares taking a pronounced plunge of 0.8%. Philippine and Chinese shares also navigated a loss of 0.3% and 0.5% respectively amid ongoing business uncertainty, Reuters reported.

The baht experienced a devaluation of 0.6%, marking its weakest since November 30 2022, raising questions on the lead candidate’s ability to secure adequate votes to ascend to the prime ministerial position in the forthcoming inaugural session of the new parliament.

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