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Tourists Pouring Back Into Thailand Underpin Outperforming Baht

  • Baht’s 2.3% gain this month leads the region by a wide margin
  • Narrowing current-account deficit, weak dollar helped baht too
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Thailand’s baht rebounded so rapidly in the past few weeks on optimism about the country’s tourism-led growth that it’s already hit year-end analyst targets.

The currency jumped 2.3% to about 35.45 per dollar this month, leading gains in Asia by a wide margin. In addition to rising forecasts for tourists arrivals, the advance is also being driven by a narrowing current-account deficit due to falling oil prices.