Baht near 31 per dollar again | Bangkok Post: business

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Baht dives, finds footing late

Outflows continue as carry trade unwinds

  • Published: | Viewed: 6,342 | Comments: 11
  • Newspaper section: Business
  • Writer: Wichit Chantanusornsiri & Oranan Paweewun
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The baht fell beyond the 31-to-the-US-dollar mark Wednesday to its weakest in nine months as foreign investors kept unloading Thai equities and bonds amid growing fears that the US Federal Reserve will rush to cut back stimulus. 

The local currency slipped to briefly hit the day's low of 31.18 against the greenback before bouncing back to 30.93/97 as the stock market pared some losses in the afternoon.

The baht has fallen from its 16-year peak of 28.55 on April 19 amid a mix of negative factors such as capital outflows, which began after Fed chairman Ben Bernanke's recent remark that the US central bank would scale back asset buying if economic growth is sustained.

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