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Shilling faces mounting dollar pressure

THE shilling has continued to experience mounting pressure from US dollar as importers demand remained outstanding and expected to last for a couple of days.

NMB Bank said in daily e-Market report that shilling experienced mounting pressure from oil marketing companies and SMEs amid low supply of US dollar.

“We have observed sizeable demand from oil and SMEs against insufficient inflows from agro exports,” NMB said. The pair, shilling and dollar, traded at range bound at 2260/2305 level.

The bank, largest in term of profitability in the country, further said as large importers demand remains outstanding in the market, the shilling will likely be under pressure in the couple of days ahead.

CRDB Bank said in Financial Market Highlights the market experienced demand for the greenback coming from oil marketing companies and the manufacturing sector and with limited inflows and support of the greenback.

“The greenback is expected to maintain similar levels due to supply and demand mismatch the market maintained the same high levels similar to the previous session.”

CRDB said the greenback is expected to maintain similar levels due to supply and demand mismatch.

On the other hand, Orbit Securities said volumes transacted in the Interbank Foreign Exchange Market (IFEM) declined by 19 per cent to a total week transaction of 19.75 million US dollars compared to 24.5 million US dollars transacted in the previous week.

The shilling, in weekly basis ending last Friday, depreciated slightly against the greenback, closing the week at 2,284/33 a US dollar compared to 2,282/05 per dollar posted at the closing of the previous week.

TANZANIA, Kenya and Uganda shillings ...

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Mwandishi: DAILY NEWS Reporter

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