GBP drops to Baht 49
Amplify’d from www.businessweek.com
Thailand’s baht climbed to the strongest level in more than two years on speculation exporters were converting their overseas income to guard against further appreciation in the currency.
“With anticipation of further declines in the dollar, local exporters will rush to sell them, boosting the baht,” said Hideki Hayashi, a global economist at Mizuho Securities Co. in Tokyo. “Some Asian countries may boost interest rates while the U.S. is expected to keep them low, which is supportive of regional currencies.”
The baht appreciated 0.3 percent to 31.74 per dollar as of 9:15 a.m. in Bangkok, according to data compiled by Bloomberg. It earlier touched 31.73, the strongest level since May 2008. The currency may reach 31.7 this month, Hayashi said.
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