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Thai baht, Philippine peso weaken; other Asian currencies muted
Asian currencies subdued; Thai baht, Philippine peso edge lower
Philippine peso, Thai baht lose most among subdued Asian currencies
The Ministry of Finance has formed a task force to investigate the baht, which has strengthened by 8% this year from 34.27 to 31.78 per US dollar, amid concerns that some capital inflows may come from unregulated or suspicious sources.
The Thai baht tumbled against the US dollar, with the exchange rate surging as much as 0.66% to approach 32 baht, after the Federation of Thai Industries called for a weaker currency and urged government support for exporters hit by US tariffs.
Chairperson of the Thai Chamber of Commerce warned that the rapid appreciation of the baht, reaching its strongest level against the US dollar in over four years, is putting significant pressure on Thailand’s exports, tourism, and agricultural sectors.