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Thailand’s baht surges due to foreign inflows

Thailand’s baht has surged past 31 per US dollar on the back of month-to-date net foreign inflows moving into local equities and bonds, a motion contrary to Thailand's economic outlook.
Thailand’s baht surges due to foreign inflows ảnh 1An employee of Krung Thai bank in Bangkok (Photo: AFP/VNA)


Bangkok (VNA) – Thailand’s baht has surged past 31per US dollar on the back of month-to-date net foreign inflows moving intolocal equities and bonds, a motion contrary to Thailand's economic outlook.

The currency has strengthened by 2.7 percent againstthe dollar since the end of May, ranking third after Indonesia's rupiah and theRepublic of Korea's won, according to the Bank of Thailand (BoT).

The baht's value touched 30.82 at one point on June 11. Itsvalue against the greenback has seen a sharp appreciation, surging from 33 inearly April to pierce the 31-per-dollar threshold this month.

The baht was Asia's top-performing currency in 2019, endingthe year with a value of 29.90 to the dollar as investors perceived it as asafe haven because of Thailand's high current account surplus and foreignreserves.

Chantavarn Sucharitakul, assistant governor forcommunications and corporate relations at the BoT, said the baht's appreciationis in line with the trend of regional currencies as the dollar weakens.

Month-to-date net foreign inflows are valued at 5.8 billionbaht moving into local equities and 23 billion baht into bonds, according todata from the Stock Exchange of Thailand and the Thai Bond Market Association./.

VNA
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