Thai baht to move 29.80-30.10/USD this week

BANGKOK, 9 May 2011 (NNT) – The Thai baht is expected to move around 29.80-30.10 baht per US dollar while investors are asked to monitor the domestic political situation and measures by the Bank of Thailand (BoT) to stabilize the currency, according to Kasikorn Research Center (KResearch).

KResearch reported that the Thai baht last week weakened heavily amidst purchases of US dollars while investors were shifting to safer assets; however, the baht’s weakening was considered in line with other currencies in Asia.

The Thai currency on 6 May closed at 30.22 baht against greenback, compared to 29.84 baht per US dollar on 29 April.

Major internal factors affecting the baht movement this week include the domestic political situation and measures of the central bank to maintain the currency’s stability.

Other external factors comprise investment direction in risky assets of monetary markets worldwide, economic reports of China for April and other important economic figures in the US.