What is the exchange rate for the Thai baht and U.S. dollar on August 24th, 2021?
While exchange rates for the Thai baht change many times throughout a day, and rates within Thailand are often different than those outside the country, it is safe to say the baht is currently South East Asia’s worst performing currency.
No matter where you decide to exchange your U.S. dollars for the currency, or what rate you find.
The rapid fall of the baht has occurred in recent months due to rising Covid-19 cases in Thailand, an all but destroyed tourist industry due to the country’s borders being closed to international tourists for 18 months, and a current account deficit of $10.3 billion.
Thailand’s first current account deficit since 2013.
All of this and more has soured international interest towards the baht, with money moving towards more stable Asian currencies instead.
With Thailand’s economic future expected to worsen further in coming months, as Covid-19 batters the country and an almost country-wide lockdown in August has further destroyed the economy, foreign investors have recently withdrawn $3.34 billion from Thailand’s stock market.
Thus, damaging the baht even more.
That is why, if you checked the baht less than three months ago, you may have discovered an exchange rate for the baht against the U.S. dollar hovering around the 31 baht mark.
Down from the beginning of the year, but still a reasonably normal rate.
In the last 30 days, however, the mid-market exchange rate for the Thai baht against the U.S. dollar has sharply fallen to today’s 33.46 baht, and is expected to fall even further to 34 baht per dollar in coming weeks.
In other words, if you don’t need Thai baht at the moment but have a sizable amount of dollars to exchange, keep a close eye on the stumbling South East Asian currency and you may obtain an even more beneficial exchange rate.
Particularly as the Bank of Thailand is predicted to cut its interest rate at its first meeting in September.
