Baht falls from 5-week high
- Published: 7 Mar 2013 at 10.51
- Online news:
Thailand's baht fell from a five-week high on speculation importers increased dollar purchases to take advantage of a more favorable exchange rate. Government bonds declined.
The currency touched 29.68 per US dollar on Wednesday, the strongest level since Jan 31, after a rally in the US stocks helped improve demand for riskier assets. Shipments from abroad jumped 41% in January, while exports rose 16%, resulting in a trade deficit of $5.5 billion, according to the latest official figures.
The baht near its recent high is probably a "good level for importers to buy dollars", said Kozo Hasegawa, a foreign- exchange trader in Bangkok at Sumitomo Mitsui Banking Corp. "From the trade balance-perspective, there’s room for two-way movements in the baht."
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