Baht sinks to weakest level since 2009

Thai Baht, Asia’s worst performing currency of the past month dropped again to its lowest level since September 2009 as global funds reduced holdings of the nation’s Bonds.

Overseas investors sold a net $82 million of local notes on Monday, a fourth straight day of outflows, data compiled by Bloomberg show. They have withdrawn $786 million since the Bank of Thailand unexpectedly lowered benchmark interest rates on April 29 th.

Foreign investors are to expect reducing their bonds in the Thai Baht due to its rapid decline. The Central Banks interest cuts mixed with the positive outlook of the American dollar were also important key factors for the decline of the Thai Baht.

The baht fell 0.2% to 33.759 a dollar as of 9.43am in Bangkok, data compiled by Bloomberg show. The currency has lost 3.6% in the past month.

Ten-year sovereign bonds fell for the first time in three days, pushing the yield up six basis points, or 0.06 percentage point to 2.84%. The one-year interest-rate swap was steady at 1.46%.

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