Thai baht rises to 30-month high, Thai exporters hit even harder.

Against a backdrop of a large influx of foreign capital and a weakening US dollar, the Thai baht has risen to its highest level in 30 months, exacerbating the plight of Thai exporters. Driven by overseas investors buying Thai stocks and bonds and China's stimulus measures boosting risk appetite, the baht rose 0.8% against the US dollar on Wednesday to 32.56 baht per dollar. The last time the baht broke this level was in March 2022. The baht has reached its highest level since March 2022. This rally has made the baht the best-performing currency among Asian emerging markets this quarter, second only to the ringgit. The appreciation of the baht has weakened the trade competitiveness of exporters, prompting them to call on the Bank of Thailand to intervene and lower interest rates to protect exports and the tourism industry. Exports and tourism are the two main pillars of Thailand's $500 billion economy. According to data compiled by Bloomberg, global funds poured over $400 million into the Thai bond market in September, marking the third consecutive month of net foreign inflows. During this period, global funds purchased around $1 billion of Thai stocks, the first net inflow in five months, as the Thai government's plans to revitalize the local market through new fund subscription programs have somewhat boosted the Thai stock market.