08.04.202604:50:13UTC+00Thai Baht Hits Near 1-Month High

The Thai baht firmed to around 32 per US dollar, extending gains for a third consecutive session and reaching its strongest level in nearly a month, as a ceasefire in the Middle East reduced demand for the safe-haven greenback. The truce deal revealed that the United States and Iran had agreed to a two-week pause in hostilities, narrowly avoiding what could have been a major escalation in the region.

Iranian Foreign Minister Seyed Abbas Araghchi stated that access to the Strait of Hormuz would remain open, conditional on coordination with Iran’s armed forces. The conflict in the Middle East has been weighing heavily on the Thai economy, particularly through higher oil prices, and officials have warned that the fallout could surpass the economic damage seen during the COVID-19 pandemic.

Investors are now focused on the Bank of Thailand’s monetary policy decision scheduled for April 29. In February 2026, the central bank surprised markets by cutting its benchmark interest rate by 25 basis points to 1%, going against expectations that it would leave rates unchanged.