Kenyan shilling firms on high demand for dollars

central bank building

The Kenyan shilling was seen firming over the coming week on the back of sagging corporate demand for dollars. Commercial banks quoted the shilling at 102.25/35 to the dollar, compared with last Thursday’s close of 102.15/25.

One Nairobi-based trader said corporate dollar demand has been weak and this was likely to carry on into next week.

“From the look of it, (the shilling) may strengthen. Demand is very weak,” said the trader.

A second trader expected the local currency to stay in a tight 102.00-102.40 range into next week. –REUTERS