Baht weakest in 4 months

Published : May 16, 2012 :: 12:05:02 [ 3,589 views ]

Baht weakest in 4 months

BANGKOK, 15 May 2012 - The baht has made a new record low in four months following the euro’s depreciation while domestic gold price has dipped to the lowest level in ten months.

After the currency future opened today, the baht decreased by five satang against the US dollar to stand between 31.37-31.39 baht against the dollar. The baht continued to weaken to 31.40 baht against the dollar at 9.30 AM, the lowest value in four months since January, before moving in a narrow range.

The Thai baht depreciated in the same direction as other regional currencies, mainly due to the weakening of the euro after the market learned about Greece’s debt. According to analysts in the financial market, the baht is likely to continue to depreciate but it might not slide below 31.40 baht against the US dollar.

At the same time, gold price was also lowest in ten months. Bullion was sold at 23,150 baht per troy ounce today and gold ornament at 23,550 baht per troy ounce, lower than yesterday’s price by 100 baht per troy ounce. Gold price in the country has been dropping following a continuous price decrease in the global market.

Report by : NNT