The impact of transient electric currents on the transverse optical (TO) phonon resonance is studied after excitation by two femtosecond near-infrared pulses via the fourth-order nonlinear terahertz emission. Nonlinear signals due to interband shift currents and heavy-hole-light-hole polarizations are separated from Raman-induced TO phonon coherences. The latter display a frequency upshift by some 100 GHz upon interband excitation of an electron-hole plasma. The frequency shift is caused by transverse electronic shift currents, which modify the dielectric function. A local-field model based on microscopic current densities reproduces the observed frequency upshift.