Shilling steady, under pressure from dollar demand
Exchange Rates
By
Reuters
| Jun 27, 2014
NAIROBI, Kenya: The shilling was steady on Friday and traders said it was expected to remain under pressure due to end of month importer dollar demand.
At 0732 GMT, commercial banks quoted the shilling at 87.65/85 to the dollar, compared with Thursday's close of 87.70/80.
Traders said the shilling was expected to remain under pressure due to end-month importer demand especially from the energy sector.
Traders however said the shilling could get a reprieve next week when the demand for dollars is filled.
"It might strengthen next week once demand dissipates a bit. I don't see it (going) above 88," Julius Kiriinya, a trader at African Banking Corporation, said.
READ MORE
Budget cuts loom for Parliament thanks to Sh9.6b Bunge Towers
Private sector partnerships important to catalysing sports
Tax stand-off as boda boda riders defy county call to pay
Islamic banking gets traction in Africa as Salaam Bank feted
Data privacy major challenge for Kenya's digital space, report
Angola ICT Minister: Invest in space industry to ensure a connected, peaceful Africa
NCPB sets in motion plans to compensate farmers for fake fertiliser
Governors reject revenue Bill, demand Sh439.5 billion allocation
Firm linked to fake fertiliser calls for arrest of Linturi, NCPB boss
Traders said they expected the shilling to trade in the 87.30 to 88.00 range in the days ahead.
- Reuters
- Budget cuts loom for Parliament thanks to Sh9.6b Bunge Towers
- Governors reject revenue Bill, demand Sh439.5 billion allocation
- Gikomba gold rush: Banks scramble for a slice of Nairobi's street hustle