NAIROBI: The Kenyan shilling consolidated its recent gains on Thursday, while traders said they expected the local currency to strengthen further in coming sessions as demand for dollars remains low.
At 0828 GMT, commercial banks quoted the shilling at 84.20/40, the same level it closed on Wednesday.
"The shilling has gained (recently) on the back of investor confidence in the market after the vote," said Chris Rwengo, head of trading at Standard Chartered Bank. "Nothing suggests a reversal since demand (for dollars) is still low."
The shilling has rallied 1.8 percent since the March 4 poll following a largely peaceful vote win by Kenyatta. The Supreme Court dismissed a subsequent legal challenge to his victory and there was no repeat of the nationwide violence that followed an election five years ago.
Traders said technical analysis suggested the shilling, which is 2.2 percent stronger so far this year, could target 84.00 in coming sessions.
Comments
Comments are closed for this article.