Shilling firms after US Fed delays stimulus cut
19 September 2013, 13:23
Nairobi - The shilling strengthened against the dollar on Thursday, in line with other risky assets, after the U.S. Federal Reserve said it would not start tapering its asset buying programme soon.
The Fed stunned markets on Wednesday by postponing the beginning of the end of its monetary stimulus programme, saying it needed more evidence of economic growth. The announcement boosted emerging market assets.
At 0755 GMT, commercial banks posted the shilling at 87.35/45 per dollar, up from Wednesday's closing rate of 87.50/60.
The shilling has been stable against the dollar for nearly two years, thanks to stable inflation and growing hard currency reserves.