Kenyan shilling holds steady against the dollar

NAIROBI: The Kenyan shilling held steady against the dollar on Thursday and traders said payment of monthly taxes by firms could curb liquidity and offer mild support for the currency.

At 0715 GMT, the shilling was trading at 89.10/20, unchanged from Wednesday's close.

A trader with a leading commercial bank said that companies paying their monthly taxes this week are creating support for the shilling. "But it's a temporary support," he said.

The shilling could come under pressure next week, he said. "As we start to see end-month demand, and once the corporates are done with the taxes, we might see the shilling now under pressure again."