NAIROBI: The Kenyan shilling held steady on Tuesday as the market remained in a holding pattern ahead of the sale of a government infrastructure bond later this month, which could draw in dollars from offshore investors.

At 0800 GMT, commercial banks posted the shilling at 113.55/75 per dollar, unchanged from the close of the previous day.

The central bank will auction the infrastructure bond on Feb. 14 to raise 75 billion shillings, traders said.

Kenyan shilling hovers close to its record low

The bond is popular with foreign investors due to its tax-free status, and significant dollar inflows into the issue could help the shilling to strengthen or reduce the pressure it has been experiencing.