NAIROBI: Kenya's shilling weakened slightly in early trading on Thursday with traders saying they expected it to stay in a tight range for at least the next week.
By 0947 GMT, the shilling was quoted at 102.15/35 to the dollar, compared to Wednesday's close of 102.15/25 .
"We're stuck in this tight range. Anything weaker than 102.40 seems to be attracting the attention of the central bank," said one trader at a commercial bank.
The trader said the local currency was likely to stay in the 102.00-102.40 range into next week.
Kenya's central bank held its benchmark lending rate at 11.50 percent on Tuesday, saying the exchange rate had stabilised and the current account deficit had narrowed.
The move helped stabilize the local currency, traders said.
The shilling, down about 13 percent against the dollar this year, has been under pressure partly because of global dollar strength and partly because of domestic issues, such as a widening trade gap and budget deficit.
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