NAIROBI: The Kenyan shilling was steady on Wednesday and traders said they expected it to keep trading in a narrow band in coming days as dollar inflows for an upcoming bond auction were soaked up by corporate demand.
At 0727 GMT, commercial banks quoted the shilling at 87.80/88.00 to the dollar, compared with Tuesday's close of 87.80/90.
The central bank will be auctioning a 2-year Treasury bond worth 10 billion shillings ($113.96 million)on Wednesday. Traders said the sale had attracted dollar inflows from foreign investors, but they had been absorbed.
"Both demand and supply seem to be well-matched," said John Njenga, a trader at Commercial Bank of Africa.
"We had some small inflows.
We saw some foreigners selling dollars to go to the auction, but that was taken away by demand from the corporate sector."
The shilling is forecast to trade in the 87.50-88.00 level in coming days, traders said.
Comments
Comments are closed for this article.