The Thai baht has been Asia’s best-performing currency during the New Year, January Q1, 2019 but it seems like the currency appears to be losing momentum as the baht falls to its lowest since January.
The Thai baht weakened to as low as 32.035 per dollar, the lowest level since January 10th and falling through the psychological support of 32 baht in the US dollar.
Sentiment for the Thai currency has deteriorated as concerns linger over political stability after Thailand held its first general election on March 24 since the 2014 coup.
The Office of the Ombudsman issued a statement this week saying that it has accepted a petition seeking a review by a court on whether the election should be annulled.
Roong Sanguanruang, a market analyst at Bank of Ayudhya Pcl in Bangkok says, “As for domestic factors, we have hiccups in the political landscape and also have some of the impact from the dividend season” that contributed to the weaker baht.