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Kenyan shilling flat, political rallies eyed

04 July 2014, 14:01

Nairobi - The Kenyan shilling held its ground against the dollar on Friday, with traders expecting political risk to drive the local currency as the opposition CORD coalition plans to hold mass rally in Nairobi on Monday.

At 0710 GMT, commercial banks quoted the shilling at 87.85/95 to the dollar amid thin volumes, unchanged from Thursday's close.

In early trade the shilling had touched 87.90/88.00.

Traders say the market has priced in the political noise ahead of the planned rally but any signs of violence could spook investors and hurt the shilling.

"The market is just positioning itself for these political rallies," said Eric Gathecha, a trader at I&M Bank.

"Depending on what happens on Monday, it will give us more direction."

Traders said they were also focusing on a meeting of the central bank's rate-setting Monetary Policy Committee expected next week.

 - Reuters

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