The Thai currency, the baht, hit its lowest point in six and a half years on Monday, reaching 36 baht to the U.S. dollar.
On September 7, the baht rose to 35.99 baht to the dollar during morning trading before depreciating to 36.12 baht to the dollar by around 5 pm.
According to the Bank of Thailand spokesperson, Jirathep Seniwong Na Ayutthaya, the baht previously hit its lowest point in March 2009. He pointed out that depreciation of the baht is in line with the weakening of other currencies in the region.
He attributed the fall to the likelihood that the U.S. Federal Reserve would increase the benchmark interest rate, as the nation’s unemployment rate is currently 5.1 percent. Hourly wage rates in the U.S. has also increased marginally to 25.09 dollars from 25.01 last recorded in August.
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