BANGKOK: -- The Thai baht has appreciated in the same direction with other currencies in the region by hovering around 37.50 to the US dollar Tuesday morning, the strongest in six years, according a money dealer.
Pattraradee Shinkulkitniwat of KASIKORNBANK said the Thai currency had moved in the same direction with other currencies in Asia.
However, the appreciation of the Thai baht remains less than other regional currencies.
The Singapore dollar, the Japanese yen and the Indonesian rupiah have appreciated to 1.586, 114.25 and 8,790 to the US dollar, the strongest in 8 years, 3 months and 3 months respectively.
The appreciation of currencies in Asia stemmed partly from a resolution adopted at the Group of Eight’s meeting last weekend to press Chinese yuan to appreciate.
As well, a projection that the United States’ Federal Reserve will slow or stop raising its key interest rates has made the dollar weaken against other currencies in Asia and Europe.
“The baht will have a strong resistance level of 37.28 to the dollar. Should the currency be able to break the level, it would strengthen to test 36 to the dollar. However, it is believed that the baht will not yet break such the level within the next 1-2 weeks,’’ she said.
Given the continued appreciation of the baht and other regional currencies, she suggested that exporters and importers hedge against the currency exchange rate volatility.
--TNA 2006-04-25
Thai baht rice to highest level in six years
I thought the exporters were already up in arms about the strong Baht.
For those, like me, bringing money into this country it's a slightly worse deal at the moment.
I'll stand corrected, but I bet the Baht will be at 70ish to the pound very soon - ie within 3 months.
The dollar says a lot, but is no longer linked to the currency here. Hence, it has to go through it's own fluctuations.
For those, like me, bringing money into this country it's a slightly worse deal at the moment.
I'll stand corrected, but I bet the Baht will be at 70ish to the pound very soon - ie within 3 months.
The dollar says a lot, but is no longer linked to the currency here. Hence, it has to go through it's own fluctuations.
economic update - the dollar had weakend a lot over the past fortnight after the Fed suggested that US interest rates might be close to the peak, but it's picked up again in the last couple of days. The pound is recovering a bit against the baht and is around 67.2, having been down to 66.
and I'm off for a beer, which at 67.2, will cost the equivalent of 188 baht (and 16 satang).
and I'm off for a beer, which at 67.2, will cost the equivalent of 188 baht (and 16 satang).
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