Baht makes new high since July 1997

Thai baht advanced to end the day at 28.60-62 per dollar, a new 16-year high.

"The Thai baht has been moved largely by inflows," said a a treasurer at CIMB Thai Bank.

He expected the currency to trade in the range of 28.50-90 next week.

The exchange rate reached the strongest level since 1997 as foreign investors boosted holdings in government bonds. It strengthened 1.5 per cent from a week ago, the biggest gain in three months,

The baht has been among the biggest beneficiaries of the reflationary flows from Japan, according to a Morgan Stanley research note. Citigroup Inc is moderately bullish on the baht given supportive fundamentals such as strong foreign direct investment inflows amid deteriorating exports, according to a weekly research report.

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