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Kenya shilling steady against the US dollar

NEWS
By Reuters | February 2nd 2016

The Kenyan Shilling saw little change against the Dollar yesterday, with supply and demand fairly matched in muted early trading.

In early trading yesterday, commercial banks posted the Shilling at Sh102.25/35 per Dollar, barely changed from Friday’s close of Sh102.20/30.

“There is nothing happening and we don’t expect that to change. Demand and supply are balancing off,” said a trader with a commercial bank.

The Shilling has been stable this year after weakening 11 per cent last year.

An uptick in Dollar demand typically comes at the end of the month when companies make routine payments.

A second trader said the central bank’s efforts to protect the 102.50 level has helped the local currency offset risk aversion in global markets, especially in regards to African currencies.

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