US Dollar to Thai Baht exchange rate history 1981 to 2026: tourism and the baht
One US Dollar bought 21.818 THB in 1981 and 32.605 THB in 2026. Tourism and the baht. The series covers 46 years of annual data.
- 2026 avg
- 32.605
- year to date
- Highest avg
- 44.532
- 2001
- Lowest avg
- 21.818
- 1981
- Traded range
- 20.360 to 56.100
- low 1981, high 1998
Source: Federal Reserve H.10 (DEXTHUS). Latest daily observation 2026-10-30.
Annual averages of daily observations.
USD/THB in four numbers
- Change since 1981
- +50.6%
- 45 complete years
- Change over 10 years
- -4.0%
- 2015 to 2025
- Average annual change
- +1.5%
- standard deviation 14.7 points
- Largest drawdown
- 37.0%
- 1997 to 2007
USD/THB since 1981
US Dollar to Thai Baht averaged 21.818 THB in 1981 and 32.862 THB in 2025, 50.6% higher across 45 complete years.
The annual average has ranged from 21.818 in 1981 to 44.532 in 2001. On individual trading days the series reached 20.360 and 56.100, a ratio of 2.8 to 1.
Tourism, exports and the Thai baht
USD/THB is sensitive to tourism. The Thai baht is a managed float, supported by tourism and exports and sensitive to capital flows.
Thailand's current account depends heavily on tourism and exports, so the baht is sensitive to visitor numbers and external demand. When visitor numbers rise, foreign exchange receipts support the local currency; when they fall, the current account weakens. The effect is seasonal within a year and cyclical across years.
The annual data smooths the seasonality but not the cycle. The average moved +50.6% over 45 complete years, and the traded range was 20.360 to 56.100.
What moves USD/THB
USD: The US dollar is the world's main reserve currency and the base leg for most foreign exchange trading.
THB: The Thai baht is a managed float, supported by tourism and exports and sensitive to capital flows.
For USD/THB, the USD leg responds to Federal Reserve policy, US inflation and Treasury yields, safe-haven demand, while the THB leg responds to tourism receipts, exports, Bank of Thailand policy. The exchange rate is the market's attempt to balance the two sets of forces.
How wide is the USD/THB range?
The highest single observation in the series was 56.100 in 1998, and the lowest was 20.360 in 1981. That is a ratio of 2.8 to 1 between the two extremes.
Annual averages are narrower than single-day levels because they smooth the intra-year swings. Even so, the average has ranged from 21.818 to 44.532, a spread that matters for anyone converting at different points in the cycle.
The five largest USD/THB moves
Ranked by absolute year-end change, the five largest moves were 1997 (+82.5%), 1998 (-22.0%), 2007 (-18.3%), 1984 (+17.8%), 2008 (+17.7%). The biggest was 1997, when the rate moved from 25.650 to 46.800, a change of 82.5%.
Across 45 complete years the pair rose in 22 and fell in 22. The average annual change was +1.5% with a standard deviation of 14.7 percentage points, which is one way to compare its volatility with other pairs.
How to read the USD/THB data
The annual figures are averages of the daily observations in Federal Reserve H.10 (DEXTHUS). Highs and lows are the most extreme single observations in each calendar year, not intraday highs. No figure on this page is estimated or interpolated.
USD/THB history: the years that moved the rate
Each event below is dated and tied to one of the currencies in this pair.
- 1997 1997-07-02
Thai baht floats and the Asian crisis spreads
Thailand abandoned the baht's dollar peg on 2 July 1997. Pressure spread to other Asian currencies, including the Korean won, Malaysian ringgit, Singapore dollar and Taiwan dollar.
- 2008 2008-09-15
Lehman Brothers files for bankruptcy
The collapse of Lehman Brothers triggered a global financial crisis, a flight into the US dollar and extreme volatility across currency markets.
- 2020 2020-03-15
Pandemic triggers a global dash for cash
The COVID-19 shock caused a worldwide sell-off and a surge in demand for US dollars, followed by large central bank intervention and emergency rate cuts.
USD/THB annual average, 1981 to 2026
Annual average with the full trading range for each year. average high–low range
Source: Federal Reserve H.10 (DEXTHUS). Figures are annual averages of daily observations.
USD to THB exchange rate by year
Every year since 1981: annual average, the year high and low, the year-end rate, and the change on the previous year.
| Year | Average | High | Low | Year end | Change |
|---|---|---|---|---|---|
| 1981 | 21.818 | 23.050 | 20.360 | 23.050 | n/a |
| 1982 | 23.014 | 23.050 | 23.000 | 23.000 | -0.2% |
| 1983 | 22.992 | 23.040 | 22.950 | 23.040 | +0.2% |
| 1984 | 23.583 | 27.150 | 23.000 | 27.150 | +17.8% |
| 1985 | 27.194 | 28.380 | 26.090 | 26.700 | -1.7% |
| 1986 | 26.315 | 26.740 | 26.000 | 26.270 | -1.6% |
| 1987 | 25.771 | 28.010 | 25.080 | 25.090 | -4.5% |
| 1988 | 25.312 | 25.630 | 24.990 | 25.200 | +0.4% |
| 1989 | 25.719 | 26.110 | 25.180 | 25.710 | +2.0% |
| 1990 | 25.609 | 26.425 | 24.950 | 25.310 | -1.6% |
| 1991 | 25.542 | 25.830 | 25.030 | 25.400 | +0.4% |
| 1992 | 25.411 | 25.700 | 25.110 | 25.530 | +0.5% |
| 1993 | 25.333 | 25.610 | 25.110 | 25.580 | +0.2% |
| 1994 | 25.161 | 25.970 | 24.890 | 25.105 | -1.9% |
| 1995 | 24.921 | 25.700 | 24.470 | 25.200 | +0.4% |
| 1996 | 25.359 | 25.800 | 25.170 | 25.650 | +1.8% |
| 1997 | 31.072 | 47.400 | 22.750 | 46.800 | +82.5% |
| 1998 | 41.262 | 56.100 | 35.780 | 36.500 | -22.0% |
| 1999 | 37.887 | 41.620 | 36.180 | 37.750 | +3.4% |
| 2000 | 40.210 | 44.380 | 36.970 | 43.450 | +15.1% |
| 2001 | 44.532 | 45.820 | 42.300 | 44.240 | +1.8% |
| 2002 | 43.019 | 44.200 | 40.420 | 43.200 | -2.4% |
| 2003 | 41.556 | 43.180 | 39.090 | 39.630 | -8.3% |
| 2004 | 40.271 | 41.700 | 38.800 | 38.800 | -2.1% |
| 2005 | 40.252 | 42.120 | 38.240 | 40.990 | +5.6% |
| 2006 | 37.876 | 40.760 | 35.190 | 36.100 | -11.9% |
| 2007 | 32.203 | 35.960 | 29.280 | 29.500 | -18.3% |
| 2008 | 32.962 | 35.720 | 29.360 | 34.720 | +17.7% |
| 2009 | 34.310 | 36.250 | 33.100 | 33.330 | -4.0% |
| 2010 | 31.700 | 33.180 | 29.490 | 30.160 | -9.5% |
| 2011 | 30.462 | 31.760 | 29.680 | 31.510 | +4.5% |
| 2012 | 31.055 | 31.870 | 30.290 | 30.590 | -2.9% |
| 2013 | 30.696 | 32.850 | 28.600 | 32.680 | +6.8% |
| 2014 | 32.461 | 33.080 | 31.740 | 32.900 | +0.7% |
| 2015 | 34.241 | 36.480 | 32.320 | 36.080 | +9.7% |
| 2016 | 35.264 | 36.330 | 34.540 | 35.810 | -0.8% |
| 2017 | 33.913 | 35.890 | 32.490 | 32.560 | -9.1% |
| 2018 | 32.303 | 33.440 | 31.110 | 32.310 | -0.8% |
| 2019 | 31.042 | 32.260 | 29.750 | 29.750 | -7.9% |
| 2020 | 31.307 | 33.040 | 29.790 | 30.020 | +0.9% |
| 2021 | 32.005 | 33.950 | 29.860 | 33.330 | +11.0% |
| 2022 | 35.050 | 38.280 | 32.100 | 34.590 | +3.8% |
| 2023 | 34.784 | 37.080 | 32.750 | 34.350 | -0.7% |
| 2024 | 35.285 | 37.160 | 32.330 | 34.320 | -0.1% |
| 2025 | 32.862 | 34.840 | 31.010 | 31.490 | -8.3% |
| 2026 YTD | 32.605 | 33.830 | 30.960 | 33.760 | +7.2% |
1981–2026 · 45 complete calendar years. Annual figures are averages of available daily observations. 2026 is year to date: the average is based on 209 published trading days through 2026-10-30.
Highest and lowest USD/THB rates on record
Measured across 46 calendar years of annual data, 1981 to 2026.
USD/THB history: common questions
What was the USD/THB rate in 1981?
One USD averaged 21.818 THB in 1981, with a range of 20.360 to 23.050 and a year-end rate of 23.050.
How volatile has USD/THB been?
Across 45 complete years the average annual change was +1.5% with a standard deviation of 14.7 percentage points. The largest drawdown was 37.0%, from 1997 to 2007.
What was the biggest single-year move in USD/THB?
1997 was the largest, at +82.5%. The year-end rate moved from 25.650 to 46.800.
What is the highest USD/THB rate on record?
The highest annual average was 44.532 in 2001. The highest single observation was 56.100 in 1998.
What is the lowest USD/THB rate on record?
The lowest annual average was 21.818 in 1981. The lowest single observation was 20.360 in 1981.
What is the USD/THB rate in 2026?
The 2026 average is 32.605 THB per USD, based on the year to date. The latest complete year, 2025, averaged 32.862.
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