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Kenya's shilling gained some ground against the dollar on Monday and traders predicted it could edge higher on the back of seasonal dollar inflows from Kenyans in Diaspora and rising tourist arrivals.
Commercial banks posted the shilling at 74.45/55 against the dollar compared with Friday's close of 75.60/70.
The shilling is largely driven upwards by greenback inflows from agricultural exports, tourism, Nairobi-based international organisations and funds sent by the country's Diaspora. It is normally weakened by demand from importers.
"We are not seeing (dollar) demand. We expect that flows associated with the festive season may slightly lift the shilling," said Mwambu Malamba, a trader at Commercial Bank of Africa.
Chris Muiga, a senior trader at Kenya Commercial Bank, said overseas inflows into the east African nation's debt instruments could become a factor to watch due to a return of risk appetite after the Dubai debt crisis.
Abu Dhabi said it would give Dubai a $10 billion bailout, easing investor concerns about holding company Dubai World's debt.
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