The Thai baht, Asia’s best-performing currency in the first quarter, is starting to lose momentum and falls to its lowest level since January.
The baht weakened to as low as 32.035 per dollar, the weakest level since Jan. 10, and falling through the psychological support of 32.
It was down 0.2 percent at 31.999 as of 9:31 a.m. in Bangkok, after falling through the 100-day moving average for the first time since mid-December earlier this week.
Sentiment for the Thai currency has deteriorated as concerns about political stability linger after the nation held its first general election in March since the 2014 coup.
The Office of the Ombudsman said Tuesday that it has accepted a petition seeking a review by a court on whether the election should be annulled.
“As for domestic factors, we have hick-ups in the political landscape and also have some of the impact from the dividend season” that contributed to the weaker baht, said Roong Sanguanruang, a market analyst at Bank of Ayudhya Pcl in Bangkok.
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