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Baht Snaps Three-Day Drop on Bets Stock Rally Will Lure Inflows

Thailand’s baht climbed, snapping a three-day decline, on optimism regional stock gains and the Southeast nation’s economic growth will spur capital inflows. Government bonds fell for a third day.

The currency rose by the most this month as the MSCI Asia Pacific Index of shares advanced 0.1 percent, taking its rally this year to 3.2 percent. The Bank of Thailand last month raised its 2013 growth forecast to 4.9 percent from an October projection of 4.6 percent. The central bank estimates the economy expanded 5.9 percent in 2012.

“With stock gains, risk sentiment is pretty good again, supporting regional currencies,” said Yuji Kameoka, chief currency strategist at Daiwa Securities Co. in Tokyo. “Countries with a steady economic outlook, such as Southeast Asian countries, tend to see a good amount of fund inflows.”

The baht advanced 0.2 percent to 29.81 per dollar as of 3:04 p.m. in Bangkok, the biggest gain since Jan. 30, according to data compiled by Bloomberg. One-month implied volatility, a measure of expected moves in exchange rates used to price options, slumped 22 basis points, or 0.22 percentage point, to 5.25 percent.

Overseas investors bought $1.3 billion more local sovereign debt than they sold this month through yesterday, Thai Bond Market Association data show.

The yield on the 3.625 percent government bonds due June 2023 rose one basis point to 3.6 percent, data compiled by Bloomberg show.

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