Shilling steady against the dollar, seen firming
10 July 2014, 12:21
Nairobi - The Kenyan shilling was little changed against the dollar on Thursday, though traders said the local currency is expected to firm in coming days due to receding political risk.
At 0650 GMT, commercial banks posted the shilling at 87.60/70 per dollar, barely moved from Wednesday's close of 87.65/75.
Worries over political tensions have eased after the opposition held a rally in the capital Nairobi on Monday to protest against growing insecurity, rising food prices and corruption.
"The shilling is appreciating after Monday," said Andlip Nazir, senior trader at I&M Bank. "Shilling should strengthen a bit more going forward."
Traders said they expect the shilling to consolidate within its recent range of 87.20-88.00 after demand for dollars ahead of Monday's rally threatened to push it below the 88.00 level. Nazir expects the local currency to edge towards 87.25.