(Bloomberg) -- The baht gained to its strongest level in 30 months amid robust portfolio inflows and broad dollar weakness, adding to exporters’ woes in Thailand.

Most Read from Bloomberg

• Eric Adams' Vanishing Promise to Fix NYC's 'Unfair' Property Taxes

• Waiting for the Miracle of Church-to-Housing Development

• Unlocking the Hidden Power of Zoning, for Good or Bad

• Exclusive Palo Alto Girls School Borrows $106 Million

• NY’s MTA Warns Against Borrowing More Than $13 Billion

The currency rose 0.8% against the dollar to 32.56 on Wednesday, buoyed by overseas investors’ buying of its stocks and bonds and as China’s stimulus boosts risk appetite. It last breached that level in March 2022.

The rally has made the baht the top performing currency in emerging Asia this quarter after the ringgit. Its rise is hurting exporters by eroding their trade competitiveness, prompting calls for the central bank to intervene and cut interest rates to shield exports and tourism — two pillars of Thailand’s $500 billion economy.

Global funds poured over $400 million into Thai bonds in September, the third straight month of net foreign inflows, according to data compiled by Bloomberg. They bought about $1 billion of local equities during the period — the first net inflow in five months — as the government’s plan to revive the local market with a new fund-subscription offer partly boosted domestic equities.

Most Read from Bloomberg Businessweek

• Palantir’s CEO and Wall Street Annoy Each Other Straight to the Bank

• Five Reasons to Be Optimistic About the Entertainment Business

• Threats to Local US Election Officials Are Rising, and More Workers Are Quitting

• The Man Who Made Nike Uncool

• In Yosemite, Problems With Concessions Keep Piling Up

©2024 Bloomberg L.P.