Kenya central bank sells dollars to support shilling -traders
18 May 2016, 16:45
Nairobi (Reuters) - Kenya's central bank sold foreign
exchange on Wednesday to support the shilling after it weakened to more than
101 to the dollar, traders said.
"Once it was above 101, they came
selling. But they are selling small (quantities)," one trader at a
commercial bank told Reuters.
By 0945 GMT, the shilling was quoted at
100.90/101.10, compared to 100.80/90 at Tuesday's close. Traders said the rise in
global oil prices had put pressure on Kenya's currency in the previous session because of concerns
it would lead to a higher fuel import bill.
The central bank does not usually comment
on any intervention.