The Kenyan shilling was steady against the dollar on Wednesday as the country awaited the verdict on a petition challenging the outcome of this month's presidential election.
Defeated candidate Raila Odinga challenged Uhuru Kenyatta's win in a largely peaceful vote, in a case expected to be ruled on by the end of the week.
At 0726 GMT, commercial banks quoted the shilling at 85.70/90 per dollar, unchanged from Tuesday's close. "The shilling will be stagnant until after the ruling. After that it could swing either way depending on what they decide,"said Julius Kiriinya, a trader at African Banking Corporation.
If the court rules in favour of Odinga and orders a freshelection, the political uncertainty that would result wouldlikely weigh on the shilling, traders said.
The shilling, which is up 0.3 percent against the dollar sofar this year, has been hemmed in the 85-86 range in the lasttwo weeks, mainly due to the uncertainty around the petition.
"Activity is likely to only pick up after the Supreme Courtruling," said Commercial Bank of Africa in a daily note.
-Reuters
