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Baht Retreats From Two-Week High as Greece Deters Risk-Taking

Nov. 13 (Bloomberg) -- Thailand’s baht retreated from a two-week high as European leaders struggled to agree on aid for Greece, raising concern Europe’s debt crisis is worsening and curbing demand for emerging-market assets. Bonds were steady.

Foreign funds sold $22 million more Thai equities than they bought yesterday, following net sales in the previous three weeks, exchange data show. Euro-area finance ministers gave Greece until 2016 to wrestle down its budget deficit, and put off a decision on how to cover the nation’s additional needs of as much as 32.6 billion euros ($41 billion) until Nov. 20.

“Europe is weighing on the market,” said Tohru Nishihama, an economist at Dai-ichi Life Research Institute Inc. in Tokyo. “But with plenty of liquidity globally, funds will come back to emerging markets when sentiment improves.”

The baht declined 0.1 percent to 30.68 per dollar as of 3:04 p.m. in Bangkok, according to data compiled by Bloomberg. It touched 30.59 yesterday, the strongest level since Oct. 29. One-month implied volatility, a measure of exchange-rate swings used to price options, was unchanged at 4.27 percent.

The yield on the 3.625 percent notes due May 2015 was 2.88 percent, according to data compiled by Bloomberg.

To contact the reporter on this story: Yumi Teso in Bangkok at yteso1@bloomberg.net

To contact the editor responsible for this story: James Regan at jregan19@bloomberg.net

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