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Thai baht seen weakening against US dollar


August 25, 2008

Thai baht seen weakening against US dollar
Thailand's baht currency is expected to continue depreciating against the US dollar this week and is projected to move between 33.80-34.10 against the greenback compared to last Friday's closing at 33.90 on the onshore market, according to a report issued by Kasikorn Research Center, the research arm of Thailand’s Kasikorn Bank.

The report said the baht which fell to Bt34.16 against the dollar early last week, the lowest in the past nine months, is expected to continue slipping this week due to several factors.

Commercial banks are scheduled to submit their fortnightly reserves to the central bank on Tuesday, and must prepare for substantial withdrawals by customers at the end of the month, according to the report.

Other factors which would affect the baht are the buying of dollars by importers and foreign investors, trends of regional currencies and the key US economic indicators which are pending release.

The direction of short-term interest rates in the money market will also depend on a meeting of the Bank of Thailand's Monetary Policy Committee scheduled for Wednesday, it said.

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