Kenyan shilling holds firm against the dollar

kenya shilling
kenya shilling

The Kenyan shilling was stable against the U.S. dollar on Thursday as dollar demand from importers remained flat.

The shilling traded at an average of 103.14 against the dollar, staying largely unchanged from 103.15 in the Wednesday session.

The East African nation’s Central Bank quoted the shilling in Thursday trading at 103.14 against the dollar from 103.16 on Wednesday.

On the other hand, commercial banks placed the local currency an average of 103.10, the same level it was in the previous session.

Forex traders in the financial institutions attributed the stability to low demand for dollars from retail importers.

Against the British pound, the shilling similarly strengthened marginally to end the day at 139.52 from 139.58 on Wednesday.

Analysts expect the currency to remain stable in the short-term supported by Central Bank activities in the forex market, with Kenya’s dollar reserves standing at 7.1 billion dollars, an equivalent of 4.1 months of import cover. Enditem

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