Shilling steady as dollar demand offset by tight liquidity

The Kenyan shilling was steady on Friday with pressure from importers seeking dollars balanced by tight shilling liquidity.
At 0820 GMT, commercial banks quoted the Kenyan currency at 87.70/90 to the dollar, compared with Thursday’s close of 87.80/90. “We are range-bound, but we have seen tightness in the money market ... so that’s offering some support,” said John Njenga, trader at Commercial Bank of Africa. He said the usual end-of-the-month demand for dollars from importers was expected to weigh on the shilling, which meant it could edge back to the 87.85/95 level in the coming week.