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Thailand urges exporters not to 'panic sell' dollars

(BANGKOK) Bank of Thailand governor Tarisa Watanagase urged Thai exporters to refrain from accelerating dollar sales because the move has further strengthened the baht.

Rising purchases of stocks by overseas investors have helped push up the baht, Ms Tarisa told a press conference here yesterday, repeating comments made on a radio show earlier in the day.

The purchases may slow as the share prices are already very high, she said. 'Exporters should not panic sell the dollar,' said Ms Tarisa.

'Their large dollar sales today further speeded up the pace of the baht's strength.' The baht traded at the strongest since September 1997 of 33.47 to the dollar as of 4:57pm here. The country's SET Index traded close to a 10-year high.

Exporters were selling the dollar for baht yesterday on concern the currency would strengthen further, said Ms Tarisa.