Kenyan Shilling remains stable against dollar
By Jevans N Miyungu | June 21st 2014
The shilling was little changed against the dollar Friday, and traders said it was likely to remain supported next week due to positive sentiment and tighter liquidity.
Commercial banks posted the currency at Sh87.30/40, unchanged from Thursday's close.
The shilling has gained 0.6 per cent against the dollar this week, boosted by successful $2 billion (Sh174 billion) debut Eurobond issue, offsetting the impact of renewed attacks in Kenya by militants although they limited gains.
Traders said the shilling was likely to hover at around Sh87.20 next week.
"We expect the shilling to be supported for the next week," said Nahashon Mungai, a trader at KCB Bank, also citing lower demand for dollars by firms and tighter money market liquidity.
Local cement firms eye own clinker production to cut costs
- Extension of Sh3.5b meter-gauge railway line complete
- How healthy living has turned ginger into a goldmine for farmers
MONEY & MARKET
- State boosts local vehicle assembler with military deal
- Cost saving tactics to survive harsh economic times
By Peter Theuri
- Flower farm workers to benefit from Sh60 million clean energy initiative