The Thai Baht took the lead in a broad decline of Asian currencies against the US Dollar on December 2, 2024. The weakening of the Baht, along with other regional currencies, reflects a combination of factors including the rising strength of the US Dollar, concerns over global economic growth, and geopolitical tensions.
The Thai Baht depreciated by 0.62% to 34.485 against the US Dollar, marking the largest decline among the listed currencies. The Korean Won, Japanese Yen, and Singapore Dollar also experienced significant losses, falling by 0.32%, 0.59%, and 0.47%, respectively.
Additionally, the Thai Baht has joined a group of Asian currencies that have seen significant weakness against the US Dollar so far in 2024. As of December 2, 2024, the Baht has depreciated by 0.93%, placing it among the underperforming currencies in the region.
The Japanese Yen, Korean Won, Taiwanese Dollar, and Philippine Peso have experienced even greater declines, with losses ranging from 5.58% to 8.07%. Only the Malaysian Ringgit has managed to appreciate against the US Dollar, gaining 2.98%.
