The Thai baht soared to a five-week high on Monday after voters backed pro-democracy parties in the elections, signaling a possible end to the military-backed rule that has lasted for almost a decade.
The baht strengthened 0.9% to 33.70 per US dollar, the highest level since April 5, as investors welcomed the prospect of a more stable and democratic government.
According to unofficial results, the pro-democracy parties, led by the Move Forward Party (MFP) and the Pheu Thai Party, won a combined 255 seats in the 500-member lower house of parliament, while the pro-military parties, led by the Palang Pracharath Party (PPP) and the United Thai Nation Party, won only 205 seats.
The MFP and Pheu Thai have vowed to form a coalition government and push for constitutional changes that would reduce the power of the military and the monarchy.
However, the final outcome of the elections is still…
