The baht snapped five days of gains, retreating from its strongest level in almost three weeks on speculation importers increased demand for the US dollar to take advantage of the more favourable exchange rate.

The currency advanced by 1.7% in five days as global funds bought $1.5 billion more of Thai bonds than they sold in seven days of net purchases through Monday, said the Thai Bond Market Association. Data last week showed imports climbed 19.1% year-on-year last month after sliding 2.4% in November.

The baht ended at 31.48/50 to the dollar yesterday after earlier reaching 31.35, the strongest level since Jan 4, Bloomberg data showed.

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