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NAIROBI, Kenya: The shilling barely moved on Thursday in thin trading volumes and is expected to stay in a range against the dollar for the next few days, traders said, partly due to the absence of any significant economic data.
At 0801 GMT, commercial banks quoted the shilling at 87.75/85 to the dollar amid thin volumes, compared with Wednesday's close of 87.80/90.
Duncan Kinuthia, head of trading at Commercial Bank of Africa, said the shilling could tighten slightly as investors are expected to square their long dollar positions ahead of the weekend.
"We could see a bit of a gain on the local currency," Kinuthia said, adding that the shilling is likely to trade in a range between 87.20-88 over the coming week.
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