BAY: Baht poised to break 29 this year
- Published: 19 Mar 2013 at 00.00
- Newspaper section: Business
The baht is expected to surpass 29.50 per dollar this week, a level unseen since the local currency was floated in July 1997, thanks to numerous factors supporting investor confidence, says a local banker.
Tak Bunnag, head of treasury at Bank of Ayudhaya, also predicts the baht to continue to strengthen if it breaks the major resistance line at 29.50 baht, shooting past 29.00 later this year.
"If it passes the strong resistance level, we will see the baht in the high 28s briefly later this year, mainly due to continuing foreign capital inflows," said Mr Tak, adding the magnitude of the appreciation depends on the country's economic condition.
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