kenyan shilling note

The Kenyan shilling sustained an upward trend against the U.S. dollar on Monday and hit four-month high as last week’s repeal of a law capping interest rates continued to have positive impact on the currency.

The shilling surged to trade at between 102.20 and 102.49 to the dollar, from last Friday’s level of 102.80.

The central bank quoted the currency at 102.49 against the dollar while commercial banks put the local unit at a high of 102.20.

Monday’s rise brings to the total gain of the currency to about 1 percent in a week, with the currency having surged 0.5 percent last week. The shilling has gained 2 percent year-to-date.

Cytonn, a Nairobi-based investment firm attributed the current surge to positive investor sentiment owing to the removal of interest rate caps, the narrowing of the current account deficit and improved diaspora remittances. Enditem


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