News Forum - Thai baht plummets even further against US dollar

[Thaiger]

The Thai baht depreciated even further against the strengthening US dollar. Last month, the baht plunged to 38 to the dollar for the first time in 16 years. Today, US$1 is worth 38.35 baht. Market strategist at Krungthai Bank Poon Panitphiboon revealed that the baht weakened from 38.25 yesterday to 38.35 against the dollar this morning. As US bond yields rose sharply, the US dollar rose against all currencies. The dollar has flown in 2022 amid the Federal Reserve’s aggressive interest rate hikes, Europe’s energy crisis, and China’s Covid-19 lockdowns. The Federal Reserve may raise interest rates again by 0.75% […]

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[DoUKnowWhoIAm]

2 hours ago, Thaiger said:

Arkhom said the baht’s weakness is “surely” going to lure foreigners into the kingdom. He said, “Thailand is value for money.”

There are obviously 2 currencies in the world, Thai Baht and Falang Dollar.  As usual,  clueless about the outside world.

[EdwardV]

I find it interesting the government now finds the depreciating Baht a good thing. They have been fighting it for months now wasting important foreign reserves in the process. It was like trying to stop the tide. When the US Fed starts dropping the rate late next year or early 2024, the dollar will fall along with it. 

[Rookiescot]

56 minutes ago, DoUKnowWhoIAm said:

There are obviously 2 currencies in the world, Thai Baht and Falang Dollar.  As usual,  clueless about the outside world.

Too be fair the dollar is essentially the worlds currency so the bahts performance against something like the Kenyan Shilling is probably not so important. 

[MrNovax]

When the world wakes up to the amount of debt the US is carrying the dollar will plunge.  I look at this as a gift and am moving money over accordingly.  The question becomes, when we round that bend will Thailand allow the currency to appreciate or will it start the printing presses again to inflate the baht and keep the exchange rate where its been.  

[Vigo]

Yes, the  fx change is good for US visitors and residents. Not so good for others because their home currency  also goes down against USD. 

 

[TheDirtyDurian]

My income is pegged to the dollar, very happy about that right now. 

Over one's life though it does all kind of balance out

Sometimes you're winning, other times you're not. 

[Cabra]

When you look at the baht to the Japanese yen it's a different story (even to other ASEAN it's not been overly terrible). Since JP is one of the two biggest importers to Thailand, it's not so dire. As far as exports go, a weak baht is a good thing (its largest export market is the US). Net-net (bigger picture), cheaper import cost and increasing exports.