Kenyan shilling strengthens slightly on tea exporter FX inflows

NAIROBI: The Kenyan shilling strengthened a little on Wednesday, with foreign exchange inflows from tea exporters slightly outweighing month-end demand from the manufacturing sector, traders said.

At 0935 GMT, LSEG data showed the shilling at 128.25/129.25 to the US dollar, compared to 128.50/129.50 at the close of Tuesday’s session.

Kenyan shilling steady as diaspora FX inflows match demand

“The major (foreign-currency) supply is from our agricultural sector. Also the central bank is in the market, buying dollars to prevent volatility,” one trader said.