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Thai Baht Climbs on Speculation of Exporter Demand; Bonds Gain

Thailand’s baht rebounded from its weakest level since January on speculation exporters will convert earnings at a more-favorable exchange rate. Government bonds rose for a second day.

The Bloomberg-JPMorgan Asia Dollar Index snapped a four-day drop as the MSCI Asia-Pacific Index of shares climbed. Overseas sales increased 6.5 percent in April from a year earlier after falling 6.5 percent in March, according to the median estimate of economists in a Bloomberg survey before a government report next week.

“We can expect exporters will continue to buy the baht at a better level,” said Disawat Tiaowvanich, a foreign-exchange trader at Bangkok Bank Pcl. “The baht is getting some upward momentum from other Asian currencies and gains in regional stocks are also good for sentiment.”

The baht climbed 0.4 percent, the most since April 27, to 31.38 per dollar as of 3:15 p.m. in Bangkok, according to data compiled by Bloomberg. The currency touched 31.57 yesterday, the weakest level since Jan. 26.

One-month implied volatility, which measures exchange-rate swings used to price options, was unchanged at 4.52 percent.

The yield on the 3.25 percent bonds due June 2017 declined one basis point, or 0.01 percentage point, to 3.55 percent, according to data compiled by Bloomberg.

Thailand sold 16 billion baht ($510 million) of notes due June 2017 yesterday, drawing bids for 4.68 times the amount of debt on offer, according to official data. The bid-cover ratio was 2.78 times in the previous auction of five-year bonds on March 28.

Demand may stay “strong” amid growing risk aversion, Rohit Arora, a strategist at Barclays Capital in Singapore, wrote in a note to clients yesterday. “We still see value in five- to 10-year Thai government bonds and target the five-year yields to drop towards 3.4 percent.”

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