Wednesday, 10 April 2013 14:30
Posted by Shoaib-ur-Rehman Siddiqui
NAIROBI: The Kenyan shilling firmed on Wednesday to a seven-month high in the first day of trading after incoming President Uhuru Kenyatta was sworn into office in a peaceful handover of power.Traders said corporate clients saw further gains ahead for the currency, reflecting relief at the smooth political outcome. Banks sold dollars as corporate demand for the US currency remained subdued, traders said.The shilling strengthened 0.2 percent in early trading to 84.35/55, a level it last reached on Sept. 18, 2012. Markets were closed on Tuesday when Kenyatta was sworn into office."Corporate demand is not there, that's why we're seeing more interest to sell dollars," said Duncan Kinuthia, head of trading at Commercial Bank of Africa, adding that corporate clients anticipated further gains for the shilling.The shilling has rallied 1.6 percent since the March 4 vote following a largely peaceful vote won by Kenyatta, the east African country's richest man ...