Thai baht closes at 32.63 per US dollar, weakens in line with Asian currencies

0
1601
For Wednesday, the baht is expected to move within the range of 32.40 to 32.70 against the US dollar.

BANGKOK, Thailand – The Thai baht closed at 32.63 against the US dollar on Oct 1, weakening from the previous day’s level of 32.17. This decline followed the overall trend of other Asian currencies, as the US dollar strengthened after the Federal Reserve chairman signaled no rush to cut interest rates. This has created uncertainty over whether the Fed will reduce rates by more than 0.25% in its upcoming November meeting.



A research executive at Kasikorn Research Center stated that the baht’s depreciation was also aligned with foreign investor fund flows, with foreign investors selling off Thai stocks and bonds, totaling 1.715 billion baht and 3.038 billion baht, respectively.

For Wednesday, the baht is expected to move within the range of 32.40 to 32.70 against the US dollar. Key factors to watch include foreign capital flows, global gold prices, the movement of other regional currencies, statements from Federal Reserve officials, and US private sector employment data for September, as reported by ADP.