Rising Thai baht hits Singapore businesses

See Hoy Chan operations manager Lim Ek Kwong and Singapore General Rice Importers Association chairman Michael Hiu (far right) say firms that import Thai rice are feeling the pinch from the rising baht. Mr Lim expects to pay US$1,300 (S$1,779) for a
See Hoy Chan operations manager Lim Ek Kwong and Singapore General Rice Importers Association chairman Michael Hiu (far right) say firms that import Thai rice are feeling the pinch from the rising baht. Mr Lim expects to pay US$1,300 (S$1,779) for a tonne of rice starting next month, up 63 per cent from the US$800 a year ago.ST PHOTO: JASON QUAH

Major rice importer weighing price hikes as baht surges 5% against Singdollar this year

The steady rise of the Thai baht is causing concern to businesses here, with a major rice importer looking to increase prices.

The baht has risen around 5 per cent against the greenback and the Singapore dollar so far this year, and almost 8 per cent over the past 12 months.

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A version of this article appeared in the print edition of The Straits Times on August 01, 2019, with the headline 'Rising Thai baht hits local businesses'. Print Edition | Subscribe