Nov. 23 (Bloomberg) -- Thailand’s baht fell for a fifth day, its longest losing streak in two months, after the government reported export growth slumped to a two-year low.
The currency touched the weakest level in seven weeks after global funds sold $30 million more local shares than they bought yesterday, taking November net sales to $336 million, according to exchange data. The flood-stricken nation’s overseas shipments rose 0.3 percent in October from a year ago, compared with 19.1 percent in September and the 9.8 percent gain forecast by economists surveyed by Bloomberg, data showed yesterday.
“There’s a lot of negative risk sentiment that’s hitting Asian currencies,” said Thomas Harr, head of Asian currency strategy at Standard Chartered Plc in Singapore. Flooding in Thailand “is definitely a concern and we’ll see deteriorating trade balances in Asia because of the economic slowdown,” he said.
The baht declined 0.3 percent to 31.28 per dollar as of 9:41 a.m. in Bangkok, according to data compiled by Bloomberg. It touched 31.29 earlier, the weakest level since Oct. 3.
The yield on the 3.65 percent bonds due December 2021 fell one basis point to 3.41 percent, according to data compiled by Bloomberg. The one-year onshore interest-rate swap, the fixed cost needed to receive a floating payment, declined eight basis points, or 0.08 percentage point, to 2.75 percent.
--Editors: Andrew Janes, Ven Ram
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