Kenya shilling weakens slightly, liquidity in focus

The Kenyan shilling edged down on Wednesday, but stayed within its recent ranges as the market assessed the outlook for liquidity, after a sudden surge sent the central bank scrambling to soak it up.

The average weighted interbank lending rate plunged by 11 percentage points over a span of three sessions to a low of 10.3 percent on April 5 after the government paid its bills and investors redeemed billions of shillings in debt.