AfricaPress-Tanzania: THE shilling started the week at a low-key after slight depreciation by three percentage points (pips) in five days ending last Friday.
The shilling is projected to remain steady throughout the week following moderate activity from larger importers which were cushioned with inflows from agricultural sector and charities.
The shilling lost 3 pips on the Interbank Foreign Exchange Market (IFEM), to close the week at a weighted average exchange rate of 2,309/08 against the US dollar.
NMB Bank said they observed a quite trading session on Monday, with moderate activity from larger importers.
“Inflows from agri-sectors and charities continue being the main support to the current demand from importers, the local market is anticipated to remain steady throughout the week,” NMB said in its e-Market report.
Orbit Securities said the shilling maintained strength last week, with a rather slight depreciation on a weekly basis.
Despite losing its grip last week, the shilling had previously maintained strength after appreciating for the fifth week in a row on the Interbank Foreign Exchange Market (IFEM).
The shilling thus closed the last month at a stable note, while demand for dollars is still being observed from manufacturers and oil marketing companies (OMCs) in particular.
And, the shilling trades around 2,309/- since the beginning of this month.
For the week ending last week, the value of transactions traded at IFEM also rose by 17.5 per cent week on week, to a total of 11.63million US dollars.
