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Markets

Kenyan shilling seen steady, Zambian kwacha under pressure

  • Kenya's shilling is expected to hold steady in the next week, as the market digests contents of the East African economy's 2021/22 fiscal budget, such as new tax measures.
10 Jun 2021

NAIROBI: Kenya's shilling is expected to be stable against the dollar in the next week to Thursday, traders said, while the Zambian kwacha could weaken.

KENYA

Kenya's shilling is expected to hold steady in the next week, as the market digests contents of the East African economy's 2021/22 fiscal budget, such as new tax measures.

Commercial banks quoted the shilling at 107.80/108.00 per dollar, from 107.70/90 at last Thursday's close.

"We want to see what kind of budget it is," a trader at one commercial bank said.

ZAMBIA

The kwacha is likely to remain under pressure against the dollar next week, weighed by sustained demand for hard currency unmatched by supply.

On Thursday, commercial banks quoted the currency of Africa's second largest copper producer at 22.5350 per dollar from 22.5200 at the close of business a week ago.

"The kwacha is likely to continue trading weaker because of high demand for dollars driven by debt service requirements and imports like such as fuel," one commercial bank trader said.

UGANDA

The Ugandan shilling is expected to trade in a range as traders gauge the implications of possible new policy pronouncements in the 2021/22 budget, set to be unveiled later on Thursday.

Commercial banks quoted the shilling at 3,512/3,522 per dollar, compared with 3,540/3,550 the previous week. Markets were closed last Thursday for a holiday in Uganda.

"We will see a lot of players holding back on activity because there are lots of unknowns ahead of budget reading," said a trader at one commercial bank in the capital Kampala.

The shilling was likely to trade around 3,510, the trader said.

TANZANIA

Tanzania's shilling is expected to gain slightly next week as inflows from food exports outpace dollar demand from manufacturing and energy importers.

Commercial banks quoted the shilling at 2,314/2,324 on Thursday, unchanged from last week's close. The local currency has been trading around the same levels for more than six months.

"We expect to see the shilling gain slightly in the coming week due to expected inflows from food exports," a trader in one foreign exchange trading firm said.

NIGERIA

Nigeria's naira is seen flat on the black market in the coming week after it slid past a three-and-half year low of 500 to the dollar on the informal market.

The naira was quoted at 502 per dollar on the unofficial market, a level it reached last week after the country devalued its official exchange rate.

The central bank unified the currency's official rate with the traded market rates of 410 naira in May, effectively letting the naira weaken by 7.7%.

The unit traded at 411.50 naira per dollar on the spot market, from last Thursday's close of 410.