Peregrine Investment Holdings said that none of its group companies have suffered any losses trading the Thai baht nor any baht-linked derivatives. The company was responding to rumours that most market makers in the Thai baht had lost money over the past two weeks. Chairman Philip Tose said: 'These rumours are absolutely without foundation and I categorically deny that we have lost money trading the Thai baht during the recent volatility.' The Thai currency fell sharply after hedge funds started an avalanche of selling nearly two weeks ago, prompting the country's central bank to impose capital controls. The baht recovered after a few volatile days.