Kenyan shilling stable after central bank boosts market liquidity

NAIROBI: The Kenyan shilling was stable against the dollar on Friday after the central bank injected cash into money markets, helping to blunt the impact of tight liquidity on the exchange rate, traders said.

At 0818 GMT, commercial banks quoted the shilling at 103.13/35 per dollar, barely moved from Thursday's closing rate of 103.20/40.

Traders said the shilling would have strengthened, after tight liquidity sent the overnight lending rate for banks higher by 1 percentage point, but the central bank injected 15 billion shillings on Friday, using a reverse repo.