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The shilling was stable against the dollar on Wednesday, a day after the Central Bank hiked rates by a higher-than-expected 1.5 percentage points to 10 per cent to support the weakening local currency.
At 0825 GMT, the shilling was trading at 97.10/30 to the dollar, compared with 97.15/25 at Tuesday’s close. A trader at one commercial bank said the shilling strengthened in early trade to 96.75/85 but retreated after banks who were short on dollars started closing their positions.
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