Kenya shilling breaks key 90 per dollar level

NAIROBI: Kenya's shilling firmed for the fifth straight session on Tuesday, breaking the key psychological level of 90 per dollar, and was seen extending its gains if the central bank maintained its tight monetary policy stance.

The shilling traded at an intra-day high of 89.85 , a level it last touched on July 26, as an acute liquidity crunch forced commercial banks to compete for scarce shillings and pushed overnight borrowing costs higher.