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Kenyan shilling steady, seen trading in tight range

By Reuters | March 2nd 2015 at 11:09:00 GMT +0300

The Kenyan shilling held steady against the dollar on Monday and was seen rangebound in coming days.

At 0724 GMT, commercial banks quoted the shilling at 91.35/45 to the dollar, unchanged from Friday's close.

"It's very quiet at the moment," said one trader at a Nairobi-based commercial bank. He added that the local currency is expected to be rangebound between 91.25-91.65 over the coming week.

The shilling, down 1.1 percent against the dollar this year, has been supported by central bank's liquidity mop ups over the past week. Absorbing excess liquidity makes it costlier to hold dollars, which in turn lends support to the shilling.

The local currency was also supported last week by inflows from tea sales and non-governmental organisations, which matched end-month dollar demand from importers seeking foreign exchange to meet payments at the end of the month.

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Central Bank Kenyan shilling
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