Thai baht, equities gain on tourism boost during Lunar New Year

Financial trade tax and election create mixed economic outlook

Vietnamese tourists dressed in traditional Thai costumes take a selfie at Wat Arun temple ahead of the Lunar New Year in Bangkok on Jan. 18. © Reuters

FRANCESCA REGALADO, Nikkei staff writer

January 23, 2023 13:19 JST

BANGKOK -- The Thai baht is leading Asian currencies as it bounces back on the return of Chinese tourism during a critical peak travel period.

The baht appreciated to a nine-month high of 32.65 against the dollar on Friday before the Lunar New Year weekend. The currency strengthened further on Monday, hitting 32.60 at one point. In October, the baht fell close to 38.50 -- a 16-year low.