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Article: Demand for Dollar Pushes Baht Value Further Down
- Article from:
- Xinhua News Agency
- Article date:
- July 9, 1997
CopyrightCopyright 1997 Xinhua English Newswire. Provided by ProQuest LLC. (Hide copyright information)
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Strong domestic demand for US dollar prompted the baht to further
fall in the local spot market to its lowest level since July 2, when
the baht was floated.
In the local market, the dollar/baht trading was quoted on
Tuesday
at 29.15 and 29.20 baht, compared with 28.93 baht at the close of
trading on Monday, and around 27.50 baht at the close of the first
day of trading when the baht was floated.
On Tuesday, the central bank set its reference rate at 28.922
baht, up from 28.578 on Monday.
The reference rate given by the central bank is used by commercial
banks as a guide for their money transactions.
Dealers say that the baht's weakness was ...