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Kasikorn Thai bank predicts stronger Baht in next 3 months

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Kasikorn Thai bank foresees Thai baht to be stronger in the next three months with the rate probably at 32.20 THB/ USD.

Kasikorn Thai Executive Vice President Songpol Chevapanyaroj stated that the baht currency would move in the rage of 32.20-32.30 THB/USD within the next three months, due to the increase of investors’ confidence from the expansion of export sector and the internal political improvement.

As the Chinese currency on Monday surged to 6.8089 to the dollar, its highest level since a revaluation by Beijing in July 2005 but still within the 6.7934-6.8616 trading range, the baht also rose to its strongest level in five weeks, a move that brightens the prospects for Thai exports.

The People's Bank of China last Saturday indicated it was abandoning the yuan's 6.83 peg to the dollar, adopted during the global crisis to shield exporters. It said the exchange rate would be allowed increased flexibility.

The baht gained 0.4 per cent to 32.28 to the dollar yesterday afternoon in Bangkok and touched 32.25, its strongest since May 13, Bloomberg data showed. HSBC and Kasikornbank predict the baht will climb to 31.50 this year.

In the case of Chinese government’s measure to release Yuan from pegging the currency to US dollar, resulting in the strengthening of the Yuan and other currencies in the region, Mr Songpol viewed that the Bank of Thailand (BoT) would play a role in controlling the baht from volatility.

He added that the strength of Yuan would benefit Thai export in price competition particularly among the exports of agricultural, food and textile.

via KBank predicts Baht to be stronger in next 3 months : National News Bureau of Thailand.

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