Thai Baht strongest in 2 months

BANGKOK, 8 February 2012 (NNT) – The Thai baht has appreciated to the highest level in two months after the Euro rose for the first time during the same period. The Euro has strengthened due to investors’ confidence that Greece will accept the second round of aid to avoid a default.

Soon after the market opened today, the baht currency appreciated 10 Satang to 30.86 against the greenback or 1% compared to yesterday’s closing value of 30.95. The baht had been continuously rising to 30.80-30.83 against the US dollar at 10.30 am.

Currency analysts said apart from the positive sentiment about Greece, continuous flow of funds to Thai stock markets contributed to the two-month high of the Thai currency. The analysts forecast that the baht would keep on strengthening in a short term but suggested a close watch on whether Greece would be able to tackle its public debt problem.

As for domestic gold price, it has increased by 250 baht per troy ounce to 25,500 baht per troy ounce for gold bullion. As for gold ornament, it is now sold at 25,900 baht per troy ounce after the Fed Chairman said in Congress that the US economy would recover at a slower rate, and therefore interest rate must remain low.