Kenyan shilling steady on weak dollar demand

NAIROBI, KENYA: The Kenyan shilling was little changed on Monday, with weak dollar demand supporting the local currency.

Commercial banks posted the shilling at 102.05/15, barely changed from Friday closing rate of 102.10/20.

"Dollar demand is very subdued," said one Nairobi-based trader.  The shilling usually faces greater pressure towards the end of the month when companies have to pay import and other bills.

"The shilling should gain slightly as end-month dollar demand gets out of the way (later this week)," added the trader.

The shilling has been stuck in a narrow band of 102.00-102.50 for weeks as importer dollar demand keeps it from appreciating beyond 102.00 and the prospects of the central bank's intervention keeping it from falling past 102.50.