Tourists queue at a foreign exchange counter. The baht is roughly 37.14 against the US dollar, the lowest in nearly 11 months. (Photo: Somchai Poomlard)
The baht has depreciated this year and ranks as one of the worst-performing regional currencies of 2023.
The currency weakened to 37.14 to the US dollar on Tuesday, the lowest since November 2022.
The recent plunge for gold prices, which lost about 5% in value or $7.45 per ounce in one week, stimulated demand for dollars to buy the metal, resulting in further depreciation of the Thai currency.
The baht has lost roughly 6.8% of its value so far this year from 34.61…
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