Shilling remain steady against international currencies

The local currency, according to Bank of Tanzania, appreciated against pound sterling by almost 70/- to 2,904/40 in the last two weeks. It also maintained its levels against the greenback after slightly dropping by less than 30 cents to 2,189/99 per one dollar.

CRDB Bank said yesterday the shilling traded at 2,184/94 against the US dollar on Wednesday gaining due to dollar inflow increase from tourism and commodity export.

“We expect the Shilling to appreciate this season as dollar inflows increase from tourism sector and commodity exports,” CRDB said on market highlights. Earlier, the bank said the pair was expected to trade at same levels as demand and supply were projected to match in the near foreseeable future. NMB said the shilling remained unchanged supported by inflows from agro-sector and institutions during the first session of the week.

“The local currency remained unchanged matched by inflows from agro and Institutions on the first trading session of the week. However, analysts had it that the shilling is likely to remain under pressure in the near-term on resurgence of greenback demand.

Meanwhile, US dollar fell against most of major currencies on Wednesday as recent economic fundamentals in the country and around the world dented market expectation for an interest-rate hike soon this year. The dollar index, which tracks the greenback against six major peers, was down 0.25 per cent at 96.200 in late trading