Baht set for best week in 4 months
- Published: 11 Jan 2013 at 10.50
- Online news:
Thailand's baht was poised for its biggest weekly rally in four months as international investors increased holdings of the country's assets amid optimism the global recovery is gathering pace. Government bonds were steady.
The currency reached a 10-month high on Friday after funds bought US$174 million more local shares than they sold this month through yesterday and pumped a net $1.4 billion into sovereign debt, data from the stock exchange and the Thai Bond Market Association showed. Export growth in China, Thailand’s largest overseas market, quickened to 14% in December from 2.9% the previous month, official data showed on Thursday.
"Stocks have been rising and economic data are quite solid, and so funds are flowing to the riskier assets," said Kozo Hasegawa, a foreign-exchange trader in Bangkok at Sumitomo Mitsui Banking Corp. "That supports Asian currencies and such a trend may remain for now."
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