Kenya Shilling gains against dollar

The shilling gained ground on Monday, helped largely by trade amongst commercial

banks and some corporate clients selling the US currency. At 1130 GMT, commercial banks quoted the local unit at Sh74.50/70 to the dollar, stronger than Friday’s close at

Sh74.85/95. Dealers said they see the shilling trading in the Sh74.00-Sh75.00 range in coming days.

"It seems a bit stronger. It’s mainly interbank. There might be a few corporate trades out there, but the main activity I think is interbank," said Mr Moses Kiboi, head of trading at Citibank.

The shilling could also have strengthened due to profit taking, dealers said.

"It could be profit taking by banks or other people who pushed it up (weaker) on Friday," said Kalpesh Solanki, a dealer at Ecobank.