THB to USD Historical Exchange Rates

July 2, 1997 — the Thai baht crisis. The Bank of Thailand abandoned the baht's peg to the USD after months of defending it depleted nearly all of Thailand's FX reserves. The baht collapsed from 25 per dollar to over 54 within months. This marked the start of the Asian Financial Crisis, which spread to Indonesia, Korea, Malaysia and the Philippines. Thailand received a $17 billion IMF bailout.

2008 Global Financial Crisis. THB weakened from around 33 to 38 per dollar as global dollar liquidity dried up. Relatively mild by emerging-market standards — Thailand had learned from 1997 and built up $140 billion in reserves.

2011 Thailand floods. Massive flooding disrupted manufacturing (especially hard drives — several major factories underwater) and temporarily weakened THB. The baht recovered within 6 months as production resumed and tourism continued.

2020 COVID shock. THB/USD spiked to 33+ as global risk-off flows dominated, then recovered as Thailand became one of the first countries to reopen for tourism. The baht traded in a tight 30-33 range through mid-2022.

2022 dollar strength year. Fed hiking cycle pushed THB/USD above 37 — the weakest level since 2006. Thai finance minister verbal intervention and Bank of Thailand rate hikes helped stabilize through 2023.

2024-2026 range trade. THB/USD has traded between 34 and 37 baht per dollar. Tourism recovery (especially Chinese visitors returning) and semiconductor exports support the baht; weak China demand and Fed-BoT rate gap pressure it. Direction depends mostly on which force dominates in any given quarter.