NAIROBI: Kenya’s shilling strengthened to a near 13-month high on Friday, helped by commercial banks shedding their long dollar positions, traders said.

At 0716 GMT, commercial banks quoted the shilling at 129.25/130.25 per dollar, compared with Thursday’s closing rate of 129.50/130.50.

Kenyan shilling reaches strongest this year at 129.50 per dollar

The last time the shilling was close to its present level was on March 13, 2023, when it was bid at 128.80 per dollar, LSEG date showed.

It is now up by 21% so far this year.