Baht Depreciates to Weakest Level in Over 9 Months
By a Professional Journalist
September 13, 2023
Kanchana Chokpaisansin, Research Executive Officer at Kasikorn Research Center Company Ltd, reported that today the baht closed at 35.71 baht per dollar, depreciating from yesterday’s closing rate of 35.64 baht per dollar. This marks the weakest level for the baht in more than 9 months, specifically since the end of November 2022, when it reached a low of 35.77 baht per dollar. This depreciation is consistent with the overall trend observed in most Asian currencies.
Despite the support the dollar received ahead of tonight’s US CPI report, the baht’s decline aligns with the flow of funds from foreign investors. Today, Thai stocks saw a net sale of 1,509.78 million baht, while bonds faced a net sale of 1,019 million baht.
Looking ahead to tomorrow, projections indicate that the baht will range between 35.55 and 35.80 baht per dollar. However, it is crucial to monitor various factors that may influence its movement. These include signals of fund flow, the situation of Asian currencies, the results of the upcoming ECB meeting, and key US economic figures such as weekly jobless claims, retail sales, and the August Producer Price Index.
Miss Kanchana Chokpaisansin Research Executive Officer, Kasikorn Research Center Company Ltd revealed that the baht today (13 September 2023) closed the market at 35.71 baht per dollar. Depreciated compared to yesterday’s market closing level of 35.64 baht per dollar. The baht reached its weakest level in more than 9 months (since the end of November 2022) at a level of 35.77 baht per dollar. This is in line with the direction of most Asian currencies. Although the dollar received support before the US CPI report tonight. In addition, the depreciation of the baht is in line with the trend of the flow of funds from foreign investors. Today’s net sales of Thai stocks and bonds were 1,509.78 million baht and 1,019 million baht, respectively.
As for the movement of the baht tomorrow, it is expected to be at 35.55-35.80 baht per dollar. Although important factors that need to be followed include fund flow signals. Asian currency situation, ECB meeting results and US economic figures including weekly jobless claims, retail sales and August Producer Price Index.
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