Kenyan shilling stable; central bank dollar sale helps

NAIROBI: The Kenyan shilling was stable on Friday, and traders said that central bank selling dollars earlier this week to match importer demand helped it.

The shilling traded at 129.00/130.00 at 0650 GMT, according to LSEG data, the same as Thursday’s closing rate.

Kenyan shilling steady as export dollar inflows match rising demand

“We’ve seen the regulator coming to intervene in the market, and that has cured all the demand that was pending,” one trader said.

The central bank says it has no preferred level for the shilling and only intervenes to smooth out volatility in either direction for the local currency.