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Wednesday, March 22, 2023

Kenyan shilling steady, seen trading in a tight range

Kenyan shilling steady, seen trading in a tight rangeNAIROBI: Kenya’s shilling held steady on Tuesday, with traders expecting the currency to trade in a tight range through the day.

At 0645 GMT, commercial banks quoted the shilling at 101.95/102.15 to the dollar, barely changed from Monday’s close of 101.95/102.05.

“Nothing has happened this morning. I don’t see anything on the horizon today that will make us change direction,” said one trader at a Nairobi-based commercial bank.

The shilling, down about 13 percent against the dollar this year, has firmed in recent weeks due to inflows of dollars from offshore investors chasing high-yielding government debt.

Traders say the local currency was likely to stay supported as long as the yields on short-term Treasury bills remained elevated.

Yields on the benchmark 91-day paper slipped at last week’s auction to 19.471 percent but remain far above usual levels.

Copyright Reuters, 2015

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