Krungthai Bank market strategist Poon Panichpibool reported yesterday the Thai Baht is likely to move between 32.80 and 32.95 as foreign investment continues to leave the Kingdom.
He said foreign investors had decided to sell their assets in Thailand due to uncertainty caused by the Covid-19 situation in the country. He also this would lead to a gradual weakening of the baht.
Meanwhile, the baht’s weakening will lead to importers exchanging the Thai currency for dollars, or other foreign ones. The baht would tend to weaken, or stabilize at 32.70 to the US dollar.
However, Poon predicted that the Bank of Thailand would sell dollars or other foreign currencies in order to ease the baht’s fluctuation, or delay its weakening.
Poon added that the dollar would strengthen due to market players’ concerns about the Covid-19 situation around the world, which had increased…
