BANGKOK (ANN): Mathee Supapongse, Deputy Governor of the Bank of Thailand, said on Tuesday (Dec 31) that the appreciation of the Thai Baht on the evening of Dec 30 to below 30 to the US dollar was out of line with its economic fundamentals.
The move was mainly prompted by certain corporations and investors trading in what he described as thin market conditions, which caused an imbalance of FX flows and a spike in volatility.
The average reference rate for the day was 30.121 baht to the US$.The BOT will closely monitor the market and act as necessary to steer the exchange rate back into line with Thailand’s economic fundamentals. - The Nation/Asia News Network
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