(Adds details)
BANGKOK, March 8 (Reuters) - Thailand's baht currency is likely to remain highly volatile due to external
factors but its weakness is in line with moves in regional
currencies, the central bank said on Wednesday.
The baht and regional currencies have moved both directions
in accordance with global financial market conditions due to
uncertainty over the U.S. monetary policy and the recovery of
China's economy after its reopening, the Bank of Thailand said.
U.S. Federal Reserve Chair Jerome Powell struck an
unexpectedly hawkish tone overnight has strengthened the dollar,
with other currencies and the baht weakening.
The baht fell by 1.4% against the dollar on Wednesday,
reaching a one-week low.
The central bank in a statement said foreign investors had
been net sellers of about $2 billion of Thai assets so far this
year.
The private sector should hedge against currency risks to
mitigate the impact of still high volatility in the financial
markets, the central bank said.
(Reporting by Orathai Sriring, Kitiphong Thaichareon and
Satawasin Staporncharnchai; Editing by Martin Petty)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.