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Baht snaps 3-day rally

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Thailand's baht fell, snapping a three-day rally, on speculation the central bank will intervene to slow gains that may hurt exports. Bonds were steady. 

The Bank of Thailand will monitor capital flows, it said yesterday after keeping the benchmark interest rate unchanged at 2.75%. The baht touched a 10-month high on Jan 3 as overseas investors bought 9.9 billion baht (US$327 million) more local stocks than they sold this year through on Wednesday and pumped a net $1.3 billion into sovereign notes, data from the stock exchange and the Thai Bond Market Association show.

"Emerging-market currencies, especially in Asia, have been strengthening versus the dollar with fund inflows to the region," said Tsutomu Soma, manager of the investment trust and fixed-income business unit at Rakuten Securities Inc. in Tokyo. "The central bank will not try to reverse the trend but may want to slow the pace of appreciation."

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