Kenya shilling steady, national budget eyed
09 June 2014, 11:28
Nairobi - The Kenyan shilling was unchanged against the dollar on Monday and traders said it was likely to stay in a tight range ahead of news of next year's budget later in the week.
At 0725 GMT, commercial banks posted the shilling at 87.45/55 per dollar, the rate it closed at on Friday.
"For now we will stick to the 87.20-70 range as we focus on the budget and the Eurobond for direction," said a trader with a leading commercial bank.
Finance Minister Henry Rotich is scheduled to present the government's budget for the fiscal year starting on July 1 to parliament on Thursday. His speech will include the latest guidance on growth, inflation and borrowing projections.
Traders said if the East African nation secures strong demand for its debut Eurobond, which it is now marketing to investors abroad, the shilling could get a boost.
"We could see a knee-jerk reaction (to the success of the Eurobond). We should see the shilling initially appreciate," said a trader.