Kenya shilling firms after Central Bank sells dollars

NAIROBI: The shilling strengthened Thursday when the Central Bank sold dollars after the currency touched a new three-year low earlier in the session, traders said. At the opening of trade, commercial banks posted the shilling at 90.30/50 to the dollar, firmer than Wednesday's close of 90.55/65.

Before the Central Bank's intervention, the shilling had fallen to 90.65/75, its lowest level since November 2011. "Whatever intervention happened is not strong enough to give the support required," said one trader at a Nairobi-based commercial bank. A second trader said the Central Bank appears to have set 90.60 as the new level which is plans to defend.