Oct. 13 (Bloomberg) -- Tanzania’s shilling weakened, heading for a sixth week of decreases against the U.S. currency as oil importers and food companies increased demand for dollars before a public holiday tomorrow.
The currency of East Africa’s second-biggest economy traded down 0.4 percent at 1702.5 per dollar by 12:46 p.m. in Dar es Salaam, the commercial capital, taking its retreat so far this week to 0.4 percent.
“The oil sector came in aggressively in the morning and bought dollars,” Eric Chijoriga, a trader with National Bank of Commerce Ltd., Absa Group Ltd.’s Tanzanian unit, said by phone today from Dar es Salaam. “We also saw customers from foods and beverages demand dollars.”
Tanzania’s inflation rate climbed to 14.1 percent in August, on higher energy and food costs, the National Bureau of Statistics said Sept. 15. The currency has lost 13 percent against the dollar this year.
--Editors: Ana Monteiro, Shaji Mathew
To contact the reporter on this story: David Malingha Doya in Dar es Salaam via Nairobi at firstname.lastname@example.org
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