NAIROBI: The Kenyan shilling held steady against the dollar on Thursday in cautious trades amid speculation the central bank would intervene again to prop up the local currency.
At 0650 GMT, commercial banks posted the shilling at 90.20/30, unchanged from the previous day's close.
The central bank sold an unspecified amount of dollars to banks just before the market closed on Wednesday, traders said, helping to lift the shilling from its intraday low of 90.40/50.
"Markets will remain cautious because it looks like the central bank does not want to see anything below 90.30. It is like an unofficial protection," said a trader with a leading commercial bank.
He said the central bank has intervened three times in recent weeks whenever the exchange rate has slipped past the 90.30 level.
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