By Staff ReporterTHE Tanzanian shilling is expected to remain under pressure in the week ahead, weighed down by increased dollar demand from importers.
Commercial banks in Dar es Salaam quoted the shilling at 1,582/1,592 closure of the week, weaker than 1,573/1,578 a week ago.
"The shilling is seen under pressure due to increased dollar demand from importers, but I don't expect it to go beyond the 1,595 level next week," said Patrick Kapella, chief dealer at First National Bank Tanzania.
"The shilling has mainly been supported by a liquidity tightness. But since the liquidity situation on the local currency started to ease after the end of the second quarter, the shilling has started to lose ground."
Traders said they expected the shilling to trade in the 1,580-1,590 range in the coming days.
The Bank of Tanzania said on its website that it traded $48.6 million on the interbank foreign exchange market over the past week.
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