A man counts a wad of bank notes at a local forex bureau. FILE PHOTO | NMG
The shilling came under pressure late last week as
end-of-the-month demand piled, pushing it to trade in the 100.30 and
101.30 band.
Importers and multinationals bought
dollars to meet demand, the market indicated, with the Central Bank of
Kenya recording close-of-market figure that showed the shilling edging
towards 101 to the greenback than 100.
Commercial Bank
of Africa said in its last Thursday report that the shilling rally had
stalled, but saw it holding steady after that.
“End-month market dynamics forestalled the shilling’s recent rally as importers returned from self-imposed hiatus.”
“The home unit was a tad lower versus the greenback at the
closing bell, trading within the 100.30–101.30 band as activity on the
demand counter tipped the scale in favour of shilling bearers,” the bank
said last Thursday.
Securities markets traders were
also watching the market with an eye on foreign investors and commented
that the Easter holidays also had impact in terms of demand that made
the local currency weaker.
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