Kenyan shilling firms against dollar, still seen vulnerable

The Kenyan shilling gained against the dollar on Friday but was seen vulnerable from the side-effects of a global rout of emerging market currencies. Shares fell. At the close of trade, commercial banks posted the shilling at 103.20/30 per dollar, firmer than Thursday’s close of 103.45/55 per dollar.

Joshua Anene, a trader at Commercial Bank of Africa, said the shilling gained after banks squared their dollar positions before the weekend. A firmer dollar and the accompanying flight to safety by investors could however still weigh on the currency.