Fueled by faltering exports, slow economic growth and increased outflows of foreign funds, the Thai Baht declined to an eight-year low of 35.03 to the US dollar on Friday. The Bangkok Post:
The decline came as overseas investors sold a net US$180 million worth of Thai stocks and bonds in a week when the SET Index lost 2.7% from the previous Friday.
The benchmark share index closed at 1,438.08 points and is now down 4% since the start of the year.
The national currency was trading as low as 34.94 late Friday, compared with 34.72/74 the day before and 34.14/16 a week earlier.
Just a bit over two weeks ago, the Thai Baht had fallen to a six-year low of 34 Baht to the US dollar. Our comments then also hold true today:
Unfortunately it seems, many expats will argue, the Baht has weakened perceptibly only against the US dollar, while it remains as strong as usual against other currencies like the Euro or the Australian dollar.