Baht pares back best start since 2008
- Published: 4 Jan 2013 at 11.39
- Online news: News
Thailand's baht fell, paring its best weekly start to a year since 2008, after minutes of a United States Federal Reserve meeting indicated the monetary authority will probably end its bond-buying program in 2013.
Fed members were divided between a mid- or end-of-year finish to the debt purchases, according to the minutes of last month's meeting that were released on Thursday in Washington. The baht touched a 10-month high on Thursday as foreign funds bought US$36 million more local stocks than they sold this week, exchange data show.
"The Fed minutes determined the baht movement and gave some support to the dollar in other Asian markets as well," said Kozo Hasegawa, a foreign-exchange trader in Bangkok at Sumitomo Mitsui Banking Corp. "Funds will continue to pour into Thailand and I don’t think this trend will reverse too soon."
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