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Kenya shilling steady

19 August 2013, 13:29

Nairobi - The Kenyan shilling was steady on Monday with traders saying the local currency could be pressured by importers buying greenbacks and tea exports being hurt by the turmoil in Egypt.

The shilling was posted at 87.40/50 to the dollar at 0746 GMT, barely changed from Friday's close of 87.30/50.

"We expect the shilling to be under mild pressure this week as a number of corporates are lining up their buy tickets to meet their end-month orders," said Bank of Africa in a daily note.

"... and we expect the supply side to be minimal especially with the continued unrest in Egypt."

Egypt is one of the biggest buyer of Kenyan tea exports, the east African country's top foreign exchange earner.

Unrest in Egypt has escalated since the military removed President Mohamed Morsi from power on July 3.

Traders said the local currency could also come under pressure due to importers buying dollars to settle end-of-month payments.

- Reuters

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