Gaybutton Posted October 26, 2006 Posted October 26, 2006 Today may not be the best day to do much money exchanging. At the moment I'm posting this, the exchange rate between the US dollar and the baht is 36.84. This is the first time since the Asian currency crash that the baht has been in the 36 to the US dollar range. This is expected to be short-lived, but who knows? A couple of months ago all the predictions were that the baht would stabilize between 41 to 42 per US dollar. That didn't happen. However, this time it looks like the BOT (Bank of Thailand) will probably intervene. Even they are saying the baht is too strong against other currencies. For those of you who have been following my daily exchange rate posts, I had planned to discontinue those posts as of November 1. I think I'll keep it going a couple weeks longer so that those interested can follow what will happen. _____ BANGKOK, Oct 26 (TNA) The baht has appreciated to touch 37.10 to the US dollar on Wednesday Quote
Gaybutton Posted October 27, 2006 Author Posted October 27, 2006 Baht Strengthens too Quickly, Says BOT BANGKOK, Oct 27 (TNA) The baht has strengthened too quickly in the past couple of days mainly because there was a short-term foreign capital inflow into the Stock Exchange of Thailand, according to the Bank of Thailand. BOT Quote
Gaybutton Posted October 28, 2006 Author Posted October 28, 2006 The following appears in THE NATION: _____ BOT Steps in as Baht Goes Higher Overseas-Investment Rules May be Eased The Bank of Thailand (BOT) is considering easing rules for overseas investment to counter the rising value of the baht as it continues to intervene in the currency, which has shot up to a near seven-year high at Bt36.88 to the US dollar. The strengthening of the baht has been attributed mainly to equity-linked capital inflows. Tarisa Watanagase, BOT governor-designate, admitted yesterday that the central bank had "overseen" the baht's value after the unit appreciated too much, too soon. Too high an appreciation of the baht would negatively affect the economy, she said. The baht opened at Bt36.90-Bt36.94 to the dollar yesterday and shot up to Bt36.88 during the day's trading, before closing at Bt36.89. Dealers said the baht was expected to move in the range of Bt36.50 to Bt37 against the greenback next week. Tarisa said the bank may relax rules on offshore investment for local entities to allow greater baht outflows amid strong capital inflows in the recent weeks. "It could be relaxation on the amount of investment or the conditions of investment. We are looking at the possibilities," Tarisa said. Yesterday, the SET Index closed at 725.77, 0.37 per cent lower than the previous day in line with regional markets and pressure in the energy sector from rising oil prices, dealers said. But the index has risen 6.44 per cent from 681.84 on October 3. However, she said the current baht level was still in line with the movement of regional currencies. This level has still not affected the country's competitiveness, she said. "Today the baht has appreciated significantly. We then had to oversee the baht closely. If it is too strong, it would affect the economy," Tarisa said. The equity-linked capital inflows have caused the baht to rise from Bt37.47 on Tuesday to its near seven-year high on Wednesday and reach a new record on the following days. The capital inflows into Asia are mainly due to the US Federal Reserve decision to maintain its policy rate unchanged at 5.25 per cent early this week. In addition, the Industrial and Commercial Bank of China's recent debut in the Hong Kong stock exchange, marking the world's largest initial public offering, has also drawn much attention from investors. The stock has been largely oversubscribed. Many believe funds left over from the ICBC subscription have been diverted to other markets in Asia, including Thailand. "We're closely monitoring capital inflows and know well where they are coming from as well as where they are going to. Most of the capital inflows went to the equity market as well as mutual funds. We'll still keep an eye on inflows to prevent them from affecting the baht too much," Tarisa said. Tarisa maintained the rise of the baht is in line with regional currencies. "Our currency is not the strongest," she said. "There are others that are much stronger and moving at a much faster pace. But we're in the strong group mainly due to capital inflows from the US after the Fed maintained its rate unchanged," she said. Somruedi Banchongduang Quote
Guest wowpow Posted October 29, 2006 Posted October 29, 2006 THAI CURRENCY BOT steps in as baht goes higher Overseas-investment rules may be eased The Bank of Thailand (BOT) is considering easing rules for overseas investment to counter the rising value of the baht as it continues to intervene in the currency, which has shot up to a near seven-year high at Bt36.88 to the US dollar. The strengthening of the baht has been attributed mainly to equity-linked capital inflows. Tarisa Watanagase, BOT governor-designate, admitted yesterday that the central bank had "overseen" the baht's value after the unit appreciated too much, too soon. Too high an appreciation of the baht would negatively affect the economy, she said. The baht opened at Bt36.90-Bt36.94 to the dollar yesterday and shot up to Bt36.88 during the day's trading, before closing at Bt36.89. Dealers said the baht was expected to move in the range of Bt36.50 to Bt37 against the greenback next week. Tarisa said the bank may relax rules on offshore investment for local entities to allow greater baht outflows amid strong capital inflows in the recent weeks. "It could be relaxation on the amount of investment or the conditions of investment. We are looking at the possibilities," Tarisa said....... The Nation Quote
Smiles Posted October 29, 2006 Posted October 29, 2006 " ... For those of you who have been following my daily exchange rate posts, I had planned to discontinue those posts as of November 1. I think I'll keep it going a couple weeks longer so that those interested can follow what will happen ... " Better yet, why not just put the links to a couple of good currency converters to the top of the page, then folks could do it themselves ... quickly, and minus the editorial commentary. The Yahoo converter is a beauty and gives one a nice little graph to watch their chosen currency come crashing to the ground (see below), or rising to the heavens .. better!! ( http://finance.yahoo.com/currency/convert?...&submit=Convert ) The currency converter at Oanda ( http://www.oanda.com/convert/classic ) is nice as you can plug in any date frm the past and see how it compares to what you're gettig now (the Yahoo graph does the same thing visually, but Oanda gives you 5 decimal places ~ for the anally-minded. Uh oh .... !! [attachmentid=68] Cheers ... Quote
Gaybutton Posted October 29, 2006 Author Posted October 29, 2006 Better yet, why not just put the links to a couple of good currency converters to the top of the page, then folks could do it themselves ... quickly, and minus the editorial commentary. If you don't like the commentary, don't read it. The converters you suggest are misleading. They quote the bank rates. That would be great if that was what you actually receive when you exchange money. It isn't. The rates I quote are what you actually receive. If you want to do it yourself, click here: http://www.krungsri.com/thai/home.aspx Quote
Smiles Posted October 29, 2006 Posted October 29, 2006 " ... If you don't like the commentary, don't read it. ... The converters you suggest are misleading. They quote the bank rates ... " Well, that at least proves my Theory of The Anally-Minded. Cheers mate ... Quote
Guest wowpow Posted October 29, 2006 Posted October 29, 2006 Smiles, I thank you for the introduction to the Yahoo Finance site. I like it very much indeed and use it now in preference to Oanda. Does anally minded mean the same as anally retentive? Your charm offensive to GB does not seem to be taking? The Interbank rate that it shows is also useful as you can then see how much your bank is tweaking the rates but you have to bear in mond that the rates do vary during each day. US$ to Thai Baht - today 36.7 An exchange rate link may not be a bad thing but it would not show much history. It would not need to preclude any comments that anyone wishes to make or valuable cut and paste info on what is going on in Thailand. I find it amazing that so soon after a Military Coup d'Etat the currency is still rising due to inward investment. It takes a person of discernment and taste To view the news and cut and paste. Quote
Smiles Posted October 30, 2006 Posted October 30, 2006 " ... Your charm offensive to GB does not seem to be taking? ... " Never did ... never will I doubt either one of us is loosing sleep over it. ( Now, I suppose there will a GB retort as to the whether it's true REM, or just a meaningless shallow slumber. Now THAT'S anal ). Cheers ... Quote
Gaybutton Posted October 30, 2006 Author Posted October 30, 2006 Baht Likely to Further Strengthen: KRC BANGKOK, Oct 30 (TNA) The baht is projected to further strengthen due to stronger Chinese yuan, weakening of the US dollar, and the recovery of the Thai economy, according to the Kasikorn Research Centre. The leading think tank reported the baht had appreciated at a higher rate than other regional currencies due mainly to a foreign capital inflow into the country. Although the country Quote
