NAIROBI: The Kenyan shilling edged up on Thursday, benefiting from the drop in the price of oil and the East African nation's partial insulation from the commodities rout.
The main share index inched down.
At the 1330 GMT close of trade, commercial banks quoted the shilling at 102.15/25 to the dollar, compared with Wednesday's close of 102.20/30.
The shilling was one of the least volatile emerging market currencies last year and it has inched up this year due to the drop of the price of oil.
"Oil dropped to $32 per barrel. At this rate it will be cheaper than water," said a trader at a commercial bank.
While Kenya's current account deficit has improved due to the collapse of the price of oil, it has also been cushioned from the fall of the price of other commodities, because it is not dependent on exports, traders said.
In the stock market, the main NSE-20 share index was barely changed, shedding just 5.42 points to close at 4,003.11 points, as investors took a pause following gains in the previous session.
In the debt market, bonds worth 222 million shillings were traded, up from a volume of 27 million shillings the previous day.
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