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Shilling firms slightly

16 September 2013, 12:58

Nairobi - The shilling was a touch firmer on Monday, with traders eyeing a U.S. Federal Reserve meeting this week which is set to scale back a stimulus that has boosted riskier assets.

At 0832 GMT, commercial banks quoted the shilling at 87.50/60 to the dollar, from Friday's close of 87.55/65.

Traders said they expected the shilling to trade in the 87.30 to 87.70 range in coming days.

"It's gained a little bit. A little bit of dollar selling in the market. I think we probably could see further strengthening in the days ahead," said Peter Mutuku, head of corporate trading at Bank of Africa Kenya.

Traders said the shilling's direction may depend on how heavily the Fed cuts back on its monthly asset purchases, which have resulted in billions of dollars of cheap money flowing into emerging markets.

The shilling is 1.7 percent weaker against the dollar in the year to date.

- Reuters

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