On its current trajectory, the Thai baht is expected to record its biggest annual gain in six years against the US dollar, creating a headache for newly appointed Prime Minister Anutin Charnvirakul’s government.
The rally has already pushed the baht to a four-year high against the dollar in September — and at first glance, the surge is puzzling. Thailand’s economy is far from stellar, weighed down by a 19% US tariff, sluggish tourism, high household debt and, ironically, the strength of its own currency.
Why the Thai Baht Is Defying Economic Gravity
