× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Shilling seen range-bound on low dollar demand

BUSINESS
By Reuters | November 21st 2015

Kenya’s shilling was unchanged in early trade on Friday, with little demand for dollars from corporate buyers while inflows of foreign exchange remained weak. By 0715 GMT, commercial banks quoted the shilling at 102.15/25 to the dollar, the same as Thursday’s close. “There is no demand, no supply, and no activity at all,” said one Nairobi-based trader, adding that the currency was likely to stay around the 102.10 and 102.30 range into next week. Kenya’s central bank held its benchmark lending rate at 11.50 percent on Tuesday, saying the exchange rate had stabilised and the current account deficit had narrowed. The move helped stabilise the local currency, traders said. The shilling, down more than 11 percent against the dollar this year, has been under pressure partly because of global dollar strength and partly because of domestic issues, such as a hefty trade gap and budget deficit.

Share this story
Court issues arrest warrants against Dubai Bank's directors
A magistrate’s court has issued warrants of arrest against directors of Dubai Bank in a case involving money laundering.
Survey: Why 40 pc of workers want to quit their jobs
More than half of 18 to 25 year-olds in the workforce are considering quitting their job. And they are not the only ones.
.
RECOMMENDED NEWS
Feedback