Finance Minister Uttama Savanayana said on Thursday that the Bank of Thailand understands that the currency exchange rate is necessary to support economic recovery.
The actual reason for Asian currencies rising against the greenback is that the US currency is weakening, she said. Businesses that have engaged in international trade have to regularly hedge their risks where the exchange rate is concerned. Also, global financial markets have been flooded by liquidity injected by central banks in Japan, US and Europe. Besides, money is flowing into Thailand as the economy is showing signs of improvement as the government is easing the Covid-19 lockdown measures.
The baht may stay within the Bt30.5 and Bt31 range and is likely to rise until the end of this month. However, it may fall to Bt31.5 to a dollar in the third quarter in line with economic fundamentals.
Source: News Formal (newsformal.com)
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