The Thai Baht is expected to weaken, but not likely to fall below USD 33
The baht opened today Friday, July 30 at 39.07 for the Euro, unchanged from Thursday’s closing price.
The Thai currency is likely to move between 32.80 and 32.95 during the day, Krungthai Bank’s market strategist Poon Panichpibool has suggested.
Poon said the US dollar was weakening, but the Thai currency was unlikely to strengthen any time soon due to the deteriorating Covid-19 situation in Thailand.
Foreign investors were still busy investing their assets, such as stocks in Thailand, differently, leading to a weakening of the baht, he predicted.
But Poon believed that the Thai currency would not weaken below 33 per US dollar if investors felt “safe” from the global Covid19 situation and therefore did not have to hold safe-haven assets.
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