BR100 Decreased By (-0.74%)
BR30 Decreased By (-0.59%)
KSE100 Decreased By (-0.59%)
KSE30 Decreased By (-0.71%)
AGHA 7.67 Decreased By ▼ -0.14 (-1.79%)
BECO 5.17 Decreased By ▼ -0.04 (-0.77%)
BML 57.50 No Change ▼ 0.00 (0%)
BOP 34.12 Increased By ▲ 0.09 (0.26%)
CNERGY 10.01 Increased By ▲ 0.05 (0.5%)
CSIL 5.28 Decreased By ▼ -0.03 (-0.56%)
FCCL 53.80 Decreased By ▼ -0.90 (-1.65%)
FFL 16.56 Decreased By ▼ -0.13 (-0.78%)
FNEL 1.23 No Change ▼ 0.00 (0%)
KEL 7.25 Decreased By ▼ -0.15 (-2.03%)
KOSM 5.77 No Change ▼ 0.00 (0%)
LOTCHEM 29.20 Decreased By ▼ -0.12 (-0.41%)
MLCF 92.38 Decreased By ▼ -1.98 (-2.1%)
NBP 201.50 Decreased By ▼ -1.55 (-0.76%)
NCPL 56.66 Decreased By ▼ -0.34 (-0.6%)
NPL 66.60 Decreased By ▼ -1.10 (-1.62%)
OGDC 315.49 Decreased By ▼ -0.35 (-0.11%)
PACE 10.58 Decreased By ▼ -0.06 (-0.56%)
PAEL 42.64 Decreased By ▼ -0.56 (-1.3%)
PIBTL 16.60 Decreased By ▼ -0.14 (-0.84%)
PPL 218.40 Decreased By ▼ -1.38 (-0.63%)
PRL 51.00 Increased By ▲ 1.81 (3.68%)
PTC 70.44 Decreased By ▼ -0.09 (-0.13%)
SSGC 27.38 Decreased By ▼ -0.87 (-3.08%)
TBL 9.79 Decreased By ▼ -0.07 (-0.71%)
TELE 8.67 Decreased By ▼ -0.12 (-1.37%)
TPL 18.35 Increased By ▲ 0.11 (0.6%)
TPLP 13.41 Increased By ▲ 0.14 (1.06%)
TREET 22.59 Decreased By ▼ -0.13 (-0.57%)
TRG 59.80 Decreased By ▼ -0.34 (-0.57%)
Markets

Kenya shilling steady, liquidity tight

Published Updated

imageNAIROBI: The Kenyan shilling was steady on Tuesday and tipped to stay in a narrow range, supported by tight money markets.

At 0801 GMT, commercial banks quoted the shilling at 87.75/85 to the dollar, compared with Monday's close of 87.80/85.

The weighted average interbank lending rate rose to 10.5181 percent on Monday from 10.1280 percent on Friday, indicating a liquidity squeeze.

Traders said liquidity was likely to remain scarce for a while, offering support to the shilling by making it slightly more expensive to fund long dollar positions.

"We don't see any sign of a reprieve because we haven't seen much government spending yet," Nahashon Mungai, trader at KCB Bank Group, said.

He said were was some demand for dollars on Friday and Monday, and there was a bias for the shilling to gain ground once this subsided.

Traders forecast the shilling, which has lost 1.3 percent this year, would trade in the 87.60 to 88.05 range in coming days.

Comments

Comments are closed for this article.