Shilling weakens further

Tanzania ShillingThe shilling weakened by 12/- against the dollar on Wednesday, the highest rate declining in a single trading in the last ten months.

The commercial banks quoted the pair trading at 1,598/1,623 and attributed the loss to accumulated green back demand from the oil and manufacturing sectors that continued to pour into the market.

“A reversal is unlikely as these market conditions persist,” National Microfinance Bank said on its e-market.
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