Kenyan shilling flat as FX inflows for bond auction match demand

NAIROBI: Kenya’s shilling was flat against the U.S. dollar on Wednesday, as foreign-currency inflows for a bond auction matched reduced dollar demand from manufacturers and fuel importers, traders said.

At 0907 GMT, commercial banks quoted the shilling at 128.75/129.75 per dollar, the same level it closed on Tuesday.

On Wednesday the central bank will auction 50 billion Kenyan shillings of infrastructure bonds.

Kenyan shilling slightly stronger versus dollar

“The central bank has also been buying dollars to keep the rate at a stable level,” one trader said.