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Thai baht reaches seven month high

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Thai baht reaches seven month high 

The baht climbed to a seven-month high after Thailand’s exports rebounded and global funds increased investment in the nation’s assets. The currency advanced as much as 0.4% to 31.993 per dollar, the strongest since December 17, before trading at 31.995 during afternoon trading in Bangkok.

Exports rose 7.2% last month from a year earlier, Junta leader Prayuth Chan-Ocha said in a July 18 television address, beating the 3.1% estimate in a Bloomberg survey, and making it the first increase in four months. Global investors poured a net $165 million into Thai debt and equities on July 18, taking this month’s inflows to almost $3 billion.

The baht has gained 1.4% in July, making it the second-best performing currency among 24 emerging-market exchange rates tracked by Bloomberg. The SET Index of shares rose 0.3% to 1,537.99, headed for its highest close since June 2013.

Foreign funds have poured money into Thai stocks and bonds as the junta accelerates state spending to revive the economy. However, some analysts predict that if an expected increase in US interest rates triggers fund outflows, the baht may drop to as low as 33.5 per dollar by year-end.

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deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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