The Bank of Thailand has spent dozens of billions of dollars to try to manipulate the exchange rate on the baht, but of course no government has the money to do any such thing. (You’d have thought the Bank of Thailand would have learned a lesson in 1997 when it gambled and lost the entire foreign reserve on the same silly exercise, but economists and bankers are experts at the old game of repeating their actions and expecting a different outcome.)
As the central bank governor Dr Tarisa Watanagase rushes headlong to a very bad end to her career with this nonsense, the baht continues to do what it wants, instead of what she wants it to do.
Last Saturday, the offshore baht was at 31.05, today it is 30.15.
Inside Thailand, last Friday the TT buying rate was 32.32. At Tuesday’s close it was 32.15