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Baht Falls After Funds Cut Holdings of Thai Stocks; Bonds Steady

Thailand’s baht fell to a four-month low after international investors cut holdings of the nation’s equities on concern Europe’s debt crisis will hurt global growth. Government bonds were steady.

Global funds sold $32 million more Thai shares than they bought in the first two days of this week, taking net sales this month to $505 million, exchange data show. The baht has declined 3.4 percent in May, headed for its biggest drop since September, as Spain’s 10-year bond yields approached the 7 percent threshold that heralded bailouts in Greece, Ireland and Portugal.

“Investors are worried about Spain now, which is reducing risk appetite and weighing on regional currencies,” said Amonthep Chawla, a Bangkok-based analyst at Kasikornbank Pcl.

The baht slid 0.4 percent to 31.84 per dollar as of 3:18 p.m. in Bangkok and touched 31.89 earlier, the weakest level since Jan. 17, according to data compiled by Bloomberg. One-month implied volatility, a measure of exchange-rate swings used to price options, was little changed at 4.52 percent.

Thailand’s current-account deficit widened to $1.98 billion in April from $1.52 billion in March, according to the median estimate of economists in a Bloomberg News survey before a central bank report tomorrow.

The yield on the government’s 3.25 percent bonds due June 2017 was little changed at 3.62 percent, according to data compiled by Bloomberg.

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