21 June 2018

Tanzania: Shilling Still Trades Range-Bound

THE shilling traded range bound Tuesday on the back of agricultural inflows. TZS traded range bound with support from agricultural inflows when the market registered modest activities.

The local currency maintained its stance and traded 2,255/- against US dollar.

"The local currency traded range bound with moderate activities in the interbank foreign exchange market and dollar inflows from agricultural sector and NGOs," TIB Corporate Bank said in its Market Updates.

Another bank CRDB said in Market Highlights the pair-shilling/US dollar-maintained the same level since Monday.

"The pair continues to move with low or close to no volatility," CRDB report said.

Also, the bank said the pair continues to struggle with a mismatch in demand and supply of the greenback, which has resulted in the greenback slowly resuming its levels.

"This is seen after it experienced a slight dip in its prices, which had the greenback buyers enjoy low prices," CRDB said. Currently, the market continues to be dominated by the participants from the manufacturing and energy industry.

While NMB Bank said the shilling traded flat against the dollar at the start of this week. "We observed moderate demand from corporates specifically oil importers supported by inflows from Agri and NGOs," NMB said in eMarket report.

NMB report also showed that Kenyan shilling held steady against the dollar at the beginning of the week. "... but [Kenya's shilling] was expected to strengthen due to tightening liquidity in the money markets increasing demand for the local currency," the report said quoting traders.

South Africa's rand firmed slightly early on Monday, pulling away from a six month low hit in the previous session, with investor focus on consumer price inflation and current account data due later in the week.

However, yesterday rand was firmer in early trade in a technical rebound after slumping as much as 2.0 per cent in the previous session to seven-month lows on jitters triggered by the escalating tit-for-tat US-China trade war.


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