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Thai Baht on the slide over fears of spread of Coronavirus

News

Thai Baht on the slide over fears of spread of Coronavirus

The Thai baht has continued to weaken against leading international currencies, trading at 31.70 to the US$ in yesterday’s trade. The falls reflect regional concern over the coronavirus spreading beyond China. In the past few days both central South Korea and parts of northern Italy have reported outbreaks of the virus, the Thaiger reported.

Last Friday, the baht had closed at 31.62/USdollar, having hit an eight month low of 31.69 baht/USD.

From almost 1.7 pesos for every 1 baht last year, the exchange rate as of writing is 1.58 pesos for every 1 baht. This means the money remittance from OFWs in Thailand will also be affected.

For better rates and lower processing fee, send money to the Philippines using DeeMoney. Next working day credit Guaranteed to the Philippines with a flat fee of 125 THB until 30th of April. Learn more at: deemoney.com/deenext

Read more at The Thaiger
Photo: FinTech

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