On 21st of September, the BoT reported the mean exchange rates for the Tanzanian shilling (TZS) against major currencies: USD/TZS 2,297.6, GBP/TZS 2981.9, EUR/TZS 2,721.4, CNY/TZS 339.2, RWF/TZS 2.37, and KES/TZS 21.21.
During week 38 of 2020, from Monday 14th of September to Friday 18th of September, the pairs fluctuated as follows:
- The US dollar remained steady at 2,297.6 against the Tanzanian shilling
- The British pound appreciated by 0.28%, from 2,947.9 to 2,956.2
- The Euro depreciated by 0.55%, from 2,724.7 to 2,709.8
- The Chinese yuan appreciated by 1.00%, from 336.1 to 339.4
- The Rwandan frank depreciated by 0.06% from 2.3726 to 2.3712
- The Kenyan shilling appreciated by 0.05%, from 21.19 to 21.20
From the beginning of 2020, the pairs fluctuated as follows:
- The US dollar appreciated by 0.39%, from 2,288.6 to 2,297.6
- The British pound depreciated by 2.07%, from 3,018.6 to 2,956.2
- The Euro appreciated by 5.44%, from 2,570.1 to 2,709.8
- The Chinese yuan appreciated by 3.25%, from 328.8 to 339.4
- The Rwandan frank depreciated by 1.79%, from 2.41 to 2.37
- The Kenyan shilling depreciated by 6.14%, from 22.58 to 21.20.
With forex trading, you buy or sell the movement in currencies with the aim to profit from the appreciation or depreciation of one currency over the other.
Forex trading has seen huge growth across Africa in recent years especially growing rapidly in popularity amongst young people.