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Thai Ctrl Bank

Tuesday, January 8, 2008

Thai Ctrl Bank: Recent Baht Strength Due To Exporter Selling

BANGKOK (Dow Jones)--The Bank of Thailand said Tuesday that the recent appreciation of the baht is mainly due to dollar selling by exporters, but the local currency has moved in line with regional peers since the beginning of the year.

The central bank recently intervened in the foreign exchange market to slow the baht's rise and to minimize the impacts on exporters, Assistant Governor of the Thai central bank Suchada Kirakul told reporters.

"We need to take care of the baht for exporters to remain competitive," said Suchada.

However, the baht's strength has helped defer an increase in domestic fuel prices amid rising global oil prices, she added.

In the onshore market, the baht was quoted at THB33.29 a dollar late in Asia Tuesday, compared with THB33.33-THB33.335 late Monday.

Meanwhile, the baht was quoted at THB29.70-THB29.85 a dollar in the offshore market, compared with THB29.73-THB29.83 a dollar late Monday in Asia.

-By Bangkok bureau, Dow Jones Newswires

Posted by MOHAMED SAID at 6:00 AM  

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