Baht hits 13-month peak

[reader]

NOTE --  If you're planning a trip and trying to figure out what the exchange rate will be when you arrive, I wouldn't waste a lot of time or effort. Rates fluctuate by the minute. You can get a clue on what direction they may be moving bythe  action of your home country's central bank on interest rates. If they are raising rates, your currency will likely appreciate against the baht. If they are lowering rates, it will likely depreciate.

Cross currency rates at 0700 today:

 

Dollar              34.35

Euro                38.28

Pound             45.07

CAN dollar      25.29

From The Thaiger

The baht is poised to strengthen further, potentially reaching 34 per US dollar or even higher, following a 13-month peak attained yesterday. This surge occurred as the Bank of Thailand opted to keep the policy rate steady at 2.5%, encouraging potential inflows ahead of the US Federal Reserve’s upcoming September meeting.

Closing at 34.21 on August 20, the Thai currency rallied to 34.06 against the dollar early yesterday, marking its highest level since July 2023, before settling at around 34.13-15.

The appreciation of the baht mirrored movements in other Asian currencies, driven by a drop in the dollar index to its lowest point since December last year. Market expectations suggest the US central bank might ease its policy stance as early as next month.

Over the past two days, the baht appreciated by over 2%, coinciding with the Bank of Thailand’s decision to maintain the policy rate at 2.5%, a decade-high level, said Kanjana Chockpisansina head of research, banking, and the financial sector at Kasikorn Research Centre (K-Research).

 

[vinapu]

This morning at TT Exchsnge in Pattaya by the Boyztown:

1 USD =34.17, up fro 34.15 last evening