Thai Baht Also Rises to 10=year high

The dealer from Kasikornbank said Thai baht rose to the highest level since the introduction of the foreign exchange in 1997. He said there was large amount of foreign fund flowing into Asian stock markets.

He said the stronger baht is not a big concern as it has moved along with market mechanism with foreign capital flows.

Since early 2007, Thai baht has been stronger by 4.5 per cent, Malaysian ringgit by 4 per cent, Indonesian Rupiah by 3 per cent, and Philippines peso by 8 per cent.

Atchana Waiquamdee, deputy governor of the Bank of Thailand, said that the baht rise was a result of the disappointing economic indicators in the US announced early in the morning. The rise of the baht today came as the Bank of Thailand had expected earlier.  Therefore, she said that it's not necessary for the central bank to intervene the market.  Besides, there're inflows into the stock market as well.