Oct. 24 (Bloomberg) -- Tanzania’s shilling weakened for a third day in four as oil importers increased demand for the US currency.
The currency of East Africa’s second-biggest economy fell 1.2 percent to 1,730 shillings per dollar as of 1:12 p.m in Dar- es-Salaam, the commercial capital, after declining as much as 1.9 percent to 1,742.50 per dollar, the most since June 9.
“Demand has mainly come in from oil importers today,” said Alex Ngusaru, head treasurer at Cooperative Rural Development Bank PLC in Dar-es-Salaam said today by phone. “There are however very few deals in the market today, so any trade could move the market,”
Tanzania’s inflation rate climbed to 16.8 percent in September, on higher energy and food costs, the National Bureau of Statistics said Oct. 15.
--Editors: James Kraus, Peter Branton
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