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Delta epidemic sends Thai baht to 15-month low

Public and private researchers warn of risk of a double dip

The depreciation of the Thai baht is sharper than those of regional peers such as the Malaysian ringgit and the Philippine peso.   © Reuters

BANGKOK -- The Thai baht has plunged to a 15-month low against the dollar in the foreign exchange market as the delta-strain epidemic dims hopes among investors for an early recovery of the country’s tourism and economy.

This week, the baht depreciated to 32.9 per dollar, a 10% drop from the recent high in December 2020. It is rapidly approaching the level of 33.2 per dollar recorded in April 2020. Elsewhere in Southeast Asia, the Malaysian ringgit and Philippine peso are also on the decline. But the baht's depreciation is sharper than those of its regional peers.

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