The recent forecasts for the Indian Rupee (INR) to Thai Baht (THB) exchange rate suggest a challenging environment for the INR amid a backdrop of significant pressure and volatility. Analysts note that the INR reached an all-time low of 88.62 against the US dollar in late September 2025, primarily driven by heightened US visa fees and a decline in foreign equity inflows. This depreciation has implications for INR's performance against other currencies, including the THB.
Furthermore, the Reserve Bank of India (RBI) has actively intervened in the market to stabilize the rupee by expanding its dollar forward positions, reflecting the ongoing pressure due to persistent dollar demand from importers. Economic experts highlight the weak growth in manufacturing exports and a narrowing policy rate differential with the US as additional factors likely to continue hampering the INR.
On the other side, the Thai Baht has experienced strength, reaching a four-year high in September 2025. The Bank of Thailand (BoT) and the government are collaborating to manage this appreciation to mitigate its negative impact on exports and tourism, key sectors for the Thai economy. Intervention measures include scrutinizing capital inflows and considering a tax on gold trading, as strong exports of gold have contributed to the baht's strength.
In terms of recent INR to THB price data, the exchange rate at 0.3654 remains just beneath its three-month average, with stability evidenced in a 4.5% range between 0.3581 and 0.3742. The market context suggests ongoing fluctuations are influenced not only by domestic economic policies but also global trends, particularly oil prices. Currently, oil prices are trading at $64.29, which is 2.1% below the three-month average of $65.67, reflecting a volatile range that could further affect both currencies through trade and economic performance.
Overall, the outlook for the INR against the THB remains under scrutiny as both currencies navigate significant external and internal pressures, with analysts urging businesses and individuals to stay informed about shifts in market dynamics and policy interventions that could impact their international transactions.
