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Kenyan shillings inches down on dollar demand

28 July 2014, 23:35

Nairobi - The Kenyan shilling edged down on Monday, under pressure from importers buying dollars to meet their end-month obligations, market participants said.

At 0700 GMT, commercial banks posted the shilling at 87.75/85 per dollar, marginally down from Friday's closing rate of 87.65/75.

"There seems to be demand and no supply to match it," said John Njenga, a trader at Commercial Bank of Africa.

He said the demand was mainly coming from oil firms and manufacturers.

The shilling was, however, likely to languish within its recent tight range of 87.50-88.00, barring any unforeseen events, Njenga added.

Worries over frequent gun and grenade attacks, blamed on militants, have limited the shilling's gains this year and the central bank has signalled it is not ready to let it fall past 88.00 by pumping in dollars whenever it comes close to falling through that level.

- Reuters


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