Baht reaches 16-year high
- Published: 19 Apr 2013 at 17.41
- Online news:
The baht retreated from a 16-year high on Friday after Thailand’s central bank governor Prasarn Trairatvorakul said the currency has started to move beyond its fundamentals.
Global funds bought US$1.7 billion more local sovereign notes than they sold this month, Thai Bond Market Association data showed.
"Foreign direct divestment is particularly strong in Southeast Asian countries like Thailand, as the return on assets is high," said Boon Peng Ooi, who oversees $20 billion as the chief investment officer of fixed income at Eastspring Investments Singapore Ltd. "We continue to see moderate gains in Asian currencies."
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