NAIROBI: Kenya’s shilling was stable against the US dollar on Friday, but traders said they expected it to come under pressure from foreign-currency demand from the manufacturing sector.
At 0900 GMT, commercial banks quoted the shilling at 128.50/129.50 to the dollar, the same level it closed on Thursday.
Kenyan shilling firms to new 1-year high
Foreign-currency inflows for a 50 billion Kenyan shilling infrastructure bond auction earlier this week have helped support the local unit in recent sessions.
“There’s a lot of (FX) demand kicking in,” one trader said.
“What had lifted the shilling was the infrastructure bond (auction). Now the (market) fundamentals are coming back into play.”
NAIROBI: Kenya’s shilling was stable against the US dollar on Friday, but traders said they expected it to come under pressure from foreign-currency demand from the manufacturing sector.
At 0900 GMT, commercial banks quoted the shilling at 128.50/129.50 to the dollar, the same level it closed on Thursday.
Kenyan shilling firms to new 1-year high
Foreign-currency inflows for a 50 billion Kenyan shilling infrastructure bond auction earlier this week have helped support the local unit in recent sessions.
“There’s a lot of (FX) demand kicking in,” one trader said.
“What had lifted the shilling was the infrastructure bond (auction). Now the (market) fundamentals are coming back into play.”
American Dollar Exchange Rate