In Monday’s trading session, the Thai baht briefly reached 35.493 baht per dollar after the country’s economy grew more slowly than anticipated in the second quarter of 2022.
At 11:24 a.m. Thai time, the baht was trading at 35.493 per dollar, down from today’s opening rate of 35.267 and Thursday’s closing rate of 35.21.
Thailand’s annualized Gross Domestic Product (GDP) grew 2.5% in 2Q22, missing expectations of 2.8% by Reuters Poll, but better than the first quarter of 2022 at 2.2%. Meanwhile, the economy grew 2.4% in the first half of 2022.
The National Economic and Social Development Council (NESDC) stated that the expansion in the second quarter was due to easing Covid restrictions that resulted in an acceleration in the service sector, coupled with a support from the government sector on tourism that led to tourist arrivals growth this year.
Krungsri Bank analysts predicted a baht/dollar exchange rate of 35.20–35.40 today.