By Bedah Mengo NAIROBI, (Xinhua) --
The Kenya shilling was largely stable
against the U.S. dollar on Wednesday amid rise in
inflows to the debt and stock markets.
currency traded at an average of 103.34 against the
dollar during the session, similar to the level of
declared a public holiday, when President Uhuru Kenyatta
was sworn in for a second term.
Bank of Kenya placed the shilling in the Wednesday
trading at 103.35, a slight decline from the previous
On the other
hand, however, commercial banks quoted the currency
Wednesday at a new high of 103.15-103.35, from
103.25-103.45 at the close of Monday.
traders in the financial institutions attributed the
stability of the shilling against the greenback to
rising inflows from foreigners seeking to invest in the
debt and stock markets as the political climate
British pound, the shilling weakened to close at 138.23,
down from 137.83 at the end of Monday trading.
have noted that the shilling should remain relatively
stable against the dollar in the short term, supported
by calmness in the political front following the
conclusion of the presidential elections and the apex
bank’s activities in the market, as there are sufficient
forex reserves, currently at 7.1 billion dollars or an
equivalent to 4.7 months of import.