August 26, 2019 / 8:20 AM / 6 months ago

Thai warns of volatile baht amid rising trade tensions

BANGKOK, Aug 26 (Reuters) - Thailand’s baht currency is likely to be highly volatile amid intensifying trade tensions, which are expected to have greater impact on exports, a central bank official said on Monday.

Businesses should hedge against currency risks and the central bank is ready to assist, Assistant Governor Chantavarn Sucharitakul said in a statement.

“Thailand is a small open economy and it is difficult to avoid the impact on its exports,” she said, after an escalation in the tit-for-tat Sino-U.S. trade dispute over the weekend.

Trade-driven Thailand has already seen contracting exports this year at a time when the strengthening baht, the best performing currency in Asia this year, is up 6.4% versus the dollar. (Reporting by Orathai Sriring and Kitiphong Thaichareon; Editing by Clarence Fernandez)

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