Kenyan shilling shrugs off tax protest uncertainty, firms slightly

The Kenyan shilling shrugged off uncertainty caused by nationwide anti-government protests and firmed slightly on Wednesday, bolstered by hard currency inflows from tea exporters and diaspora remittances, traders said.

At 0840 GMT, commercial banks quoted the shilling at 128.25/129.025 per dollar, compared to Tuesday’s closing rate of 128.50/129.50.

Kenyan shilling firms to new 1-year high

Riot police fired tear gas grenades and charged at stone-throwing protesters across Kenya on Tuesday, as online anger over proposed tax hikes has morphed into street demonstrations demanding President William Ruto quit.

“We had expected the shilling to trade on the back foot but it’s been quite resurgent,” said one trader at a commercial bank.

“Our eyes are still on the protests and expect cautious trading.”