Forex - Thai baht hits new 9-yr high at 35.10 vs dollar |
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Thu, 08 Mar 2007 09:52
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BANGKOK (XFN-ASIA) - The Thai baht rose against the dollar and hit a new nine-year high of 35.19 in afternoon trade, compared with yesterday's finish at 35.21-23, amid growing speculation that the army-backed government will soon lift controversial currency controls, dealers said.The baht has risen nearly 12 pct over the past year, prompting the Bank of Thailand to impose the capital rules in December in a bid to halt the currency's rise.The government was forced to partially lift the controls almost immediately after they sparked massive losses in the stockmarket and today, forex dealers were taking the view the appointment of Chalongphob Sussangkarn, a former World Bank economist as the new finance minister would see the last of them.Chalongphob has previously come out against the capital controls.'Investors were expecting that he would soon remove the currency regulations and that speculation lifted the Thai baht,' said a Bangkok Bank dealer, adding the unit quickly slipped back to 35.14-17 after hitting its new high.Thailand's central bank chief, Tarisa Watanagase, said in a newspaper interview that she is waiting for the 'right time' to completely lift the currency controls.afp/net
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