Shilling refuses to budge against dollar

The shilling remained steady in the first week of this month despite raising demand with mild support from agri-commodities and NGOs inflows.

NMB Bank quoted the shilling closing the market steadily at 2,324/2,363 levels against the US dollar.

NMB said in its Daily e-Market report that the shilling remained steady during the week despite mild support from agri-commodities and NGOs inflows.

“Similar trend expected next week unless sizable flows enter the market,” NMB said in the report.

Bank of Tanzania (BoT) data showed that the shilling maintained its pace fluctuating merely 0.0021 per cent or -/05 in the first ten days of this month.

The shilling, according to the central bank, depreciated by 10/- in the last 10 months to 2,319/80 yesterday.

Globally, the sterling pound softened against the dollar yesterday after three days of gains, ahead of major US inflation data today and the UK government’s next fiscal statement due next week.

While, China’s yuan weakened slightly against the dollar as factory gate prices went backward and consumer inflation slowed, adding to traders’ concerns about demand and the economic outlook.

And, South Africa’s rand weakened in early trade yesterday, as traders awaited results from the US midterm elections. The rand traded at 17.7400 against the dollar, 0.16 per cent weaker than its previous close.