The Thai baht went down today on speculations that policy makers will intervene to curb currency’s gains that may threaten the nation’s economy.
Finance Minister Kittiratt Na-Ranong complained that the high exchange rate was partly responsible for the 5.8 percent drop of exports in February. Such comments led to speculations about a potential intervention. The currency was performing well indeed, rallying 4.1 percent since the beginning of the year. The bank touched the strongest level in 16 years in March.
USD/THB rose from 29.3300 to 29.3750 as of 16:09 GMT today and its daily high was at 29.4350.
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