Baht picks up more steam
The baht strengthened further against the greenback yesterday on continued US-dollar-selling pressure from exporters and the dollar's depreciation.
The baht opened yesterday at 34.93/34.95 to the dollar and weakened further to close the market at 34.90/34.93, compared with 34.96/34.98 at the market's close on Thursday. Kasikornbank president Prasarn Trairatvorakul said the baht appreciation was in line with other regional currencies, due to the weakening of the dollar. He believes the central bank will be able to handle the issue appropriately. Thai exporters continued to sell off dollars on continued fears that the Bank of Thailand (BOT) would abolish its 30-per-cent capital-reserve requirement after all, he said. After a meeting with newly appointed Finance Minister Chalongphob Sussangkarn on Thursday, BOT Governor Tarisa Watanagase ruled out the abolition of the capital-reserve requirement.
Somruedi Banchongduang
The Nation
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