Thai Baht Surges To Highest Level In 2 Years

The baht broke the THB33.00/USD level, touching at 32.79 on Tuesday, the highest range in 30 months. Thai currency has risen to the peak recently since April 2015

BANGKOK,(UrduPoint / Pakistan Point News - 21st Nov, 2017 ) :The Baht broke the THB33.00/USD level, touching at 32.79 on Tuesday, the highest range in 30 months. Thai Currency has risen to the peak recently since April 2015.

Thailand's Kasikorn bank credits the surge of the baht to the strong third quarter economic growth.

According to a bank research, the strength of the baht was in line with other regional currencies, while the US Dollar was pressured by an unclear situation due to the US tax reform currently under consideration by Congress.

The report also said the baht was supported by Thai exporters' dollar sell-offs and foreign net purchases of Thai bonds. Bank of Thailand warned that the exchange rates will continue to be volatile so business operators should hedge against that risk.