Baht slips past 32 per dollar
Thai baht on Thursday tumbles to a four-year low level at 32.07 per US dollar, despite few clues on the timing of a reduction in asset buying in the United States.
At 8.15am, the currency was at 32.06, falling as much as 0.72 per cent from the previous closing.
Compared to the end of last year, it has weakened by 2.31 per cent. Cumulatively, the currency has depreciated by more than 4 per cent this year against the greenback.
Against euro and yen, it was 42.76 and 32.76, respectively.
Foreign investors are selling assets in emerging markets, to bring investment back to the US on anticipation that the Federal Reserve would scale back the quantitative easing (QE).
Today, Asian stock markets fall in line with Wall Street’s lower closing last night after the minutes from the US Federal Reserve’s July meeting offered few clues on the timing of a reduction in its bond-buying programme. Nearly all members of the central bank’s Federal Open Market Committee agreed that a change to the stimulus was not yet appropriate, and only a few thought it would soon be time to "slow somewhat" the pace of the stimulus policy.