Kenyan shilling flat as traders see protests cooling off

NAIROBI: The Kenyan shilling was unchanged in quiet trade on Friday morning, as traders saw anti-government protests easing off. At 0957 GMT, commercial banks quoted the shilling at 127.75/128.75 per US dollar, the same as Thursday’s closing rate.

The local currency has held steady despite weeks of nationwide protests against now-scrapped tax hikes and government corruption, LSEG data shows.

Kenyan shilling steady as traders believe protests mostly over

Manufacturers’ demand for hard currency has fallen significantly, while supply from tea exports and diaspora remittances has remained strong, traders say.

“(The protests) appear to be cooling off so we’re expecting a return to normal next week,” one trader said.