The baht is likely to break the Bt35 barrier today due to massive selling of dollars by exporters concerned the currency will continue to surge against the greenback. The local unit reached a new nine-year high on Wednesday when it closed at Bt35.01 against the U.S. dollar. Yesterday's climb was attributed to the implementation of a central bank alternative for investors. From today, the Bank of Thailand will no longer apply the 30 percent withholding requirement on foreign inflows if they are hedged in foreign-exchange swaps.
The Nation
The Nation