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Inflows from minerals, NGOs boost shilling

THE shilling is anticipated to remain steady throughout the week, thanks to the inflow of US dollars from minerals and charity organisations.

According to NMB Bank’s daily market report issued on Monday this week, the shilling closed the session at the market at 2308/2338 levels against the greenback.

“The local market anticipated to remain steady throughout the week,” NMB report said.

The bank also said it had observed quiet trading session on Monday this week, with moderate activity from larger importers.

“Inflows from mineral dealers and charities continue being main support to the current demand from importers,” the report said.

Orbit Securities said in its Weekly Market Synopsis the shilling remained resilient against the greenback, with a subtle appreciation of 3 per cent in points (pips).

The weighted average exchange rate at the end of the week was 2,300.95 per the US dollars Also during the week ending Friday 12, March this year, the value of transactions on the Interbank Foreign Exchange Market (IFEM) for the week declined by 18.2 per cent to a total of 4.09 million US dollars.

DAR ES SALAAM Stock Exchange (DSE) is tipped ...

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Author: DAILY NEWS REPORTER

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