Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Shilling firms against dollar, shares drop

21 August 2015, 21:41

Nairobi - The Kenyan shilling gained against the dollar on Thursday but was seen vulnerable from the side-effects of a global rout of emerging market currencies. Shares fell.

At the close of trade, commercial banks posted the shilling at 103.20/30 per dollar, firmer than Thursday's close of 103.45/55 per dollar.

Joshua Anene, a trader at Commercial Bank of Africa, said the shilling gained after banks squared their dollar positions before the weekend.

A firmer dollar and the accompanying flight to safety by investors could however still weigh on the currency.

"The shilling still looks vulnerable," Anene said. "Interbank players were squaring off ahead of the weekend as no one wants to go to into the weekend with open positions."

Traders say the shilling, down 12 percent to the dollar this year, was expected to remain under pressure, hurt by a wide current account deficit and scarce tourism receipts due to lower visitor numbers following a spate of attacks by Somali Islamists.

In the stock market, the benchmark NSE-20 share index fell 0.55 percent to close at 4,405.29 points.

Shares have been under pressure in recent months due to investor flight to less risky assets ahead of an expected hike of U.S. rates by the Federal Reserve.

In the debt market, bonds worth 131 million shillings ($1 million) were traded, down from the previous day's volume of 400 million shillings.

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!

- Reuters


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Wilson Ochieng
DP Ruto accuses Raila of selling ...

DP Wiliam Ruto has castigated Raila Odinga for seeking western support to fund his 2017 election bid. Read more...

Submitted by
William Korir
Peter Kenneth announces Uhuru 201...

Peter Kenneth has announced that he will support President Uhuru Kenyatta in the 2017 elections. Read more...

Submitted by
Wilon Ochieng
Labour Party to dump both Jubilee...

The Labour Party of Kenya is likely to avoid supportoing both the CORD and Jubilee factions during the 2017 General Elections. Read more...

Submitted by
William Korir
Ukambani MP quits Jubilee, to run...

An Ukambani MP has quit the Jubilee Party, citing voter apathy as his reason behind leaving the ruling coalition. Read more...

Submitted by
Victor Tinto
Government launches probe into Po...

The government has launched an inquiry into the circumstances that could have led to two National Police Service helicopter accidents in August and September this year. Read more...

Submitted by
Wilwon Ochieng
Deputy Governor's ally found with...

The EACC has recovered KES 2 million in fake currency from a close ally of Deputy Governor for Tharaka Nithi Eliud Mati. Read more...