Baht’s rally stalls as Thailand battles virus pandemic fallout

Challenging times: A tourist reacts among flowers in Phu Hin Rong Kla National Park, Phitsanulok province in Thailand. The central bank expects Thailand to welcome 5.5 million tourists in 2021 - down from an estimate of nine million as recently as September. — Reuters

BANGKOK: A tug-of-war is building for Thailand’s baht as concern about the nation’s virus outbreak counters the support from its current-account surplus.

Tailwinds for the baht are fading after it breached the key level of 30 per dollar as a jump in domestic infections weighs on economic growth. Traders are now trying to determine if the currency’s recent pullback is a pause en route to it testing the year’s high of 29.542 or the start of a weaker trend.