The shilling firmed up below 101.50 units to the dollar in
Tuesday’s trading with the Central Bank of Kenya reporting adequate
liquidity in the market.
The CBK put the local unit at 101.2/101.4 at the start of trading, where it stayed most of the day.
Reuters
said commercial banks quoted at 101.2/4 Tuesday near the Monday’s
closing figure, with traders forecasting that it would strengthen as a
result of remittances from Kenyans abroad.
Data from
the Central Bank of Kenya showed that in 2017 remittances increased to
Sh197 billion from Sh174 billion a year earlier, ahead of tourism
earnings that brought in Sh120 billion in foreign exchange.
From Monday, the shilling has remained around 101 units, although it had two weeks ago strengthened to below 100.
“Limited
market activity at the start of the week saw the local currency seesaw
with in recent ranges against the greenback. Paltry foreign currency
inflows from the agricultural sector was gulped by energy sector
players, limiting the movement of the shilling against the dollar just
above the 101.00 handle,” Commercial Bank of Africa said in its market
report.
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