EXCHANGE RESERVES-Lesson from Thailand

a rather sorry spectacle.
EXCHANGE RESERVES Lesson from Thailand THE latest on the fall of the Thai baht is that it has slipped below 32 baht to one US dollar. As compared to the rate of 25 baht to a dollar in the first week of July, this means a fall of 28 percent in less than three weeks. What has gone wrong in Thailand that could be behind such a precipitous decline in the external value of the currency is a question that everyone is asking. Have the fundamentals of the Thai economy sent any signals suggesting some sort of downslide in Thai economic performance? Or is it that the Thai economy was always teetering on some sort of a brink and the wall protecting it has now given way?