Thai Baht Hits 5 Year High

The Wall Street Journal/Dow Jones reports today:

A rush of cash into Thailand has sent the baht to its highest level in more than five years, making it Asia’s top currency in 2013, as investors clamor for deals in the fast-expanding Southeast Asian economy.

Fund managers also have been pouring money into shares, driving the benchmark SET Index to a 19-year high this week as fund flows have jumped to their highest levels in 44 weeks, according to data provider EPFR Global.

The roughly 5% rally in the emerging-market currency this year is especially surprising, and in contrast to neighboring currencies of Indonesia, Malaysia and Singapore that have been falling on renewed jitters over Europe’s banking system. That would normally prompt investors to also yank money out of Thailand.

And:

Late Wednesday in New York, the dollar bought 29.135 baht, down from 29.266 baht late Tuesday.