NAIROBI: The Kenyan shilling was little changed against the dollar early on Tuesday with inflows from Kenyans living abroad and the tea sector expected to lift the local currency in coming sessions.
The shilling was trading at 86.00/20 at 0748 GMT, the same level it closed at on Monday.
"Energy guys are in the market buying dollars, but inflows from remittances are holding them off. Tea inflows are also expected later," said a trader at one commercial bank. Weekly tea auctions are held on Tuesdays in Kenya.
Tea and remittances are the largest sources of hard currency in the east African nation, which is the world's biggest exporter of black tea and a substantial diaspora working abroad.
The shilling looks set to end 2012 moderately stable, only 1 percent weaker than the dollar, supported by the central bank's efforts to mop up extra shillings from the banking sector via repurchase agreements.
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