Kenyan shilling stable; dollar inflows match importer demand
At 0744 GMT, commercial banks quoted the shilling at 129.00/40 per dollar, the same as Monday's closing rate.
Kenya's shilling was stable on Tuesday, with dollar inflows matching importer foreign-currency demand, traders said.
At 0744 GMT, commercial banks quoted the shilling at 129.00/40 per dollar, the same as Monday's closing rate.
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The Kenyan shilling has maintained a steady performance against the US dollar in the past six months to January this year, exchanging at an average rate of 129.
The local currency began to retreat from the 130 mark in late July, following a period of consecutive strengthening since early February, when it hit the historic low of 160.
The gain was attributed to the successful settlement of the inaugural $2 billion (Sh259 billion) Eurobond buyback plan, where the government paid back $1.5 billion (Sh194.5 billion) in February, boosting investor confidence.
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