In ordinary circumstances lifting rates might have been expected to rally the currency, but as already higher US rates have climbed further the baht has lost more than 2 percent on the dollar in a week.
The Bank of Thailand unexpectedly raised rates last week and said it expected growth and inflation to pick up, leaving the door open to further hikes in future. / Photo: Reuters
Foreign selling pressure has been building for weeks, with some $1.65 billion leaving Thai stock and bond markets since the start of September and coming to a head with a surprise rate hike and fiscal spending promises in recent days. Stocks have slid heavily since and are down more than 8 percent from the end of August, larger than the 5 percent fall in MSCI's Emerging Markets Asia index over the same period.
"This ... is primarily attributed to aggressive offshore buying ," said Chintana Kittiviboolmas, Thailand head of global markets for UOB, with new concerns around the government's financing strategy adding to the pressure.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Tourism stumble risks perfect storm for reeling Thai markets By ReutersTourism stumble risks perfect storm for reeling Thai markets
Weiterlesen »
Teen suspect in fatal Thai shopping mall shooting charged with murder, police sayA teen suspected of shooting two people dead at an upscale shopping mall in Thailand has been charged with six counts including premeditated murder, police told CNN Wednesday.
Weiterlesen »
Thai business group keeps 2023 growth forecast at 2.5%-3% By ReutersThai business group keeps 2023 growth forecast at 2.5%-3%
Weiterlesen »
Thai economic recovery intact but inflation could impact growth - central bank chief By ReutersThai economic recovery intact but inflation could impact growth - central bank chief
Weiterlesen »
Thai PM vows action on guns after Bangkok mall shooting leaves two deadA 14-year-old teenager has been arrested for killing two women — one Chinese and one from Myanmar — at one of Bangkok's biggest, most upmarket malls.
Weiterlesen »
Thai police arrest 14-year-old suspected gunman after 3 killed at Bangkok mallThai police on Tuesday said they had arrested a 14-year-old suspected gunman after a shooting at a luxury mall in the capital Bangkok that emergency services said had killed three people and injured four others.
Weiterlesen »