THE Tanzanian shilling is expected to come under pressure from the dollar in the days ahead, with increased dollar demand from importers likely to cancel out any gains from inflows from cotton and coffee exports.
Commercial banks in Dar es Salaam quoted the shilling at 1,572/1,582 to the dollar on Thursday, slightly stronger than 1,573/1,583 a week ago.
"People will come into the market aggressively next week to look for dollars. This will put pressure on the shilling and we might see it trading in the 1,575-1,590 range," said Eric Chijoriga, a dealer at NBC Bank.
"The shilling has been benefiting from agricultural proceeds, especially cotton and coffee exports. But we expect it to correct from next week."
No comments:
Post a Comment