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Kenyan shilling picks traction to gain strength against dollar

By Hillary Orinde | November 20th 2017 at 18:33:21 GMT +0300

The Kenyan shilling picked traction to gain strength against the dollar in the wake of the Supreme Court ruling upholding President Uhuru Kenyatta’s re-election.

At the close of trading hours, the shilling was unanimously trading at 103.60/80 per dollar against 103.80/90 recorded earlier.

This is unlike the August 8 supreme court ruling that triggered a circuit breaker at the Nairobi Securities Exchange (NSE) causing a 30 minute shut down between 12.30pm and 1pm.

On the fateful day, the market lost over Sh50 billion in under 10 minutes as market capitalization declined.

Trading rules at NSE dictate that bourse shuts down the floor if an index dips by more than 5 per cent drastically.

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economy kenyan shilling supreme court nasa
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