Baht hits 11-year high

The Thai baht reached its highest point since August, 1997 on Wednesday making it among the Top 10 most traded currencies in the world.

The Thai currency actually reached the 30 baht to the US dollar mark at closing in the afternoon New York time.

The Bank of Thailand has spent many billions of dollars in an attempt to weaken the baht although this has had little effect and actually helps weaken the dollar further while boosting the value of the baht.

While the offshore rate his 30 baht to the dollar, the onshore rate also hit a record 32.06 baht per dollar; the highest it has been since just before the 1997 Asian currency crisis.

The British Pound is also trading at under 60 baht to the pound; a value also not seen for several years.

When tourists exchange foreign currencies for Baht, they would be better off waiting to exchange currencies within Thailand to obtain the more favourable onshore rate as opposed to obtaining baht in their home countries.

If transferring funds into Thailand, always ask banks to transfer in foreign currency so that the exchange is made in Thailand to obtain the better rate.