Off the wire
Six criminals lynched to death in Mozambique over rape, assault  • UN mission facilitates elections in Libya by end of 2018  • 1st LD Writethru: German train derails at main station in Swiss city of Basel  • 1st LD Writethru: Xi says comprehensive, just settlement of Palestinian issue conducive to world peace  • West African nations inches closer to regional power market launch  • Libya's new transit facility for vulnerable refugees welcomed by UN  • Kenya, UN seek to eradicate Guinea worm  • St. Gallen becomes 2nd Swiss canton to ban face covering in public  • Roundup: Stunning drama at Hague UN court grabs attention from Croatia  • 1st LD: Chinese satellite detects mysterious signals in search for dark matter  
You are here:  

Kenya shilling stable amid rising inflows to debt, stock markets

Xinhua,November 30, 2017 Adjust font size:

by Bedah Mengo

NAIROBI, Nov. 29 (Xinhua) -- The Kenya shilling was largely stable against the U.S. dollar on Wednesday amid rise in inflows to the debt and stock markets.

The local currency traded at an average of 103.34 against the dollar during the session, similar to the level of Monday.

Tuesday was declared a public holiday, when President Uhuru Kenyatta was sworn in for a second term.

The Central Bank of Kenya placed the shilling in the Wednesday trading at 103.35, a slight decline from the previous session's 103.34.

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.

Forex 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 stabilizes.

Against the British pound, the shilling weakened to close at 138.23, down from 137.83 at the end of Monday trading.

Analysts 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. Enditem