shilling trades flat against greenback

The shilling traded flat against the dollar on Tuesday with thin volumes from corporate as they settle month end payments. 

The National Microfinance Bank (NMB) said the shilling traded within 1586/1594 levels throughout the session.

Standard Chartered Bank said the shilling traded relatively flat on Tuesday against the U.S. dollar as a sense of continued quietness remained in the market. 

“Today (Wednesday) we expect a similar trend with slight bias on a stronger shilling as we head towards month end,” StanChart said on its market report.

Meanwhile the cash money market was active with more players seen on the offer side. 

This, StanChart said, has increased the level of liquidity and pushed the overnight rates lower. 

Banks were seen offering overnight funds at rates below the 25 per cent mark with lowest quoted reported at 23 per cent while the highest offer declined to 27 per cent from the previous 29 per cent reported a day before.

Source: tzexchange.blogspot.com

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