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Shilling steady, under pressure from dollar demand

27 June 2014, 12:58

Nairobi - The Kenyan shilling was steady on Friday and traders said it was expected to remain under pressure due to end of month importer dollar demand.


At 0732 GMT, commercial banks quoted the shilling at 87.65/85 to the dollar, compared with Thursday's close of 87.70/80.


Traders said the shilling was expected to remain under pressure due to end-month importer demand especially from the energy sector.


Traders however said the shilling could get a reprieve next week when the demand for dollars is filled.


"It might strengthen next week once demand dissipates a bit. I don't see it (going) above 88," Julius Kiriinya, a trader at African Banking Corporation, said.


Traders said they expected the shilling to trade in the 87.30 to 88.00 range in the days ahead.

- Reuters


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