NAIROBI: The Kenyan shilling trod water against the dollar on Tuesday and traders said importer demand for dollars would provide it with direction but within a tight range.
At 0700 GMT, leading banks posted the shilling at 87.65/75, unchanged from the previous day's close, amid subdued activities on the interbank market.
"We have seen a few enquiries here and there as we approach the end month and that should keep the dollar well-supported. The ranges are between 87.50 and 87.80," said a senior currency trader with a commercial bank.
"Still keeping it tight because any shilling appreciation is being snuffed out quite quickly so that has kept the market in a very tight range."
The shilling has been largely stable this year as steady economic fundamentals cushioned the currency from the fallout of frequent bomb and grenade attacks, blamed on Islamists, that have turned away tourists, an important source of income in Kenya.
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