1997 Asian financial crisis - The baht reached its lowest point of 56 units to the U.S. dollar
Time: Jan, 1998
Place: Thailand
Details: The baht devalued swiftly and lost more than half of its value. The baht reached its lowest point of 56 units to the U.S. dollar in January 1998. The Thai stock market dropped 75%. Finance One, the largest Thai finance company until then, collapsed.