Thai baht rises to strongest since March 2022
The Thai baht (THB) has gained to its strongest level in 30 months as China's stimulus boosted risk assets globally, adding pressure on the Bank of Thailand (BoT) to act to curb its rally.
A bank teller counts baht notes in Bangkok, Thailand. Photo courtesy of AFP/VNA.
The currency rose as much as 0.8% against the US dollar to 32.63 on Wednesday, the highest since March 2022.
Robust inflows into equities and bonds are also boosting sentiment, with the benchmark stock index near a one-year high.
China's economic stimulus measures are fueling a rally in Asian currencies this quarter, with the THB up 12%, second only to the Malaysian ringgit.
The THB’s rapid rise reduces the trade competitiveness of exporters and prompts calls for BoT to intervene and cut interest rates to shield exports and tourism, which are two pillars of Thailand's $500 billion economy.
BoT Governor Sethaput Suthiwartnarueput said that the central bank of Thailand is closely following the move of THB.
Thai Finance Minister Pichai Chunhavajira and the BoT Governor are scheduled to hold talks next week, and the THB's appreciation will be discussed.
Officials are set to decide on interest rates in October.
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