THE
shilling has continued to experience mounting pressure from US dollar
as importers demand remained outstanding and expected to last for a
couple of days.
NMB
Bank said in daily e-Market report that shilling experienced mounting
pressure from oil marketing companies and SMEs amid low supply of US
dollar.
“We
have observed sizeable demand from oil and SMEs against insufficient
inflows from agro exports,” NMB said. The pair, shilling and dollar,
traded at range bound at 2260/2305 level.
The
bank, largest in term of profitability in the country, further said as
large importers demand remains outstanding in the market, the shilling
will likely be under pressure in the couple of days ahead.
CRDB
Bank said in Financial Market Highlights the market experienced demand
for the greenback coming from oil marketing companies and the
manufacturing sector and with limited inflows and support of the
greenback.
“The
greenback is expected to maintain similar levels due to supply and
demand mismatch the market maintained the same high levels similar to
the previous session.”
CRDB said the greenback is expected to maintain similar levels due to supply and demand mismatch.
On
the other hand, Orbit Securities said volumes transacted in the
Interbank Foreign Exchange Market (IFEM) declined by 19 per cent to a
total week transaction of 19.75 million US dollars compared to 24.5
million US dollars transacted in the previous week.
The
shilling, in weekly basis ending last Friday, depreciated slightly
against the greenback, closing the week at 2,284/33 a US dollar compared
to 2,282/05 per dollar posted at the closing of the previous week.
No comments :
Post a Comment