Thai Baht Strengthens as Dollar Drops after Fed’s Rate Hike Fears Ease

Thai baht opened at 35.46 against the US dollar on Monday, strengthening from Friday’s closing of 35.49. This is in line with the movement of global currencies as the dollar dropped after investors shrug off Federal Reserve’s interest rate hike concerns.

Krungsri Bank stated that today’s stronger baht compared to Friday’s close is consistent with global markets as investors’ concerns about the Federal Reserve’s rate hike lessened. However, while the Thai baht is appreciated, it remains weaker than other regional currencies.

The Bank expects the baht to trade within the range of 35.40 to 35.55 per dollar today. 

As of 12.22 hrs local time in Thailand, the baht was at 35.40 against US dollar.