Overseas funds bought US$747 million of Thai bonds on Tuesday, the most since November and taking their purchase this month to US$1.5 billion, according to official data. That helped boost the baht to the top of the Asian currency ranking this month.

A revival of Thailand’s tourism sector following China’s reopening has also underpinned the inflows and the baht rally. Tourism arrivals rose to over 2.2 million in March, up from 1.5 million in October. The government is forecasting another two million arrivals this month.

The baht could gain even further following the general election on Sunday if history is any guide. Looking back at six general elections and two military coups since 2005, the baht had appreciated on average by 1.2% in the one month after the voting day. It outperformed an index of Asian currencies during the same time frame.

In addition, the currency is supported by “softer oil prices, which have benefited the net oil importer, and signs of a peak in US rates”, said Christopher Wong, foreign exchange strategist at Oversea-Chinese Banking Corp in Singapore.