Friday, 23 October 2015 20:26
NAIROBI: Kenya’s shilling firmed on Friday, supported by dollar inflows from offshore investors chasing rising yields on Treasury bills.
The benchmark share index closed slightly higher.
By the 1330 GMT close, the shilling was quoted at 102.15/25 to the dollar, compared to Thursday’s close of 102.10/30. The currency has climbed in past weeks after sliding in September close to a 2011 all-time low of 106.80 to the greenback.
“We have seen some decent inflows chasing yields,” said one senior trader, citing T-bill yields on 91-day, 182-day and 364-day bills that rose above 22 percent at auction this week.
“Upwards of 20 percent is attracting some offshore interest, as well as some local interest,” he said, although he said a further strengthening in the shilling could be checked as dollar buyers tended to emerge once the shilling reached the 102 level.
The benchmark NSE 20 index finished up 17.09 points at 3,952.97 points.
