THE Shilling remained resilient against the US dollar with minute fluctuation for the entire last month.
The shilling, especially during the week with voting date, remained at 2,309/- against the US dollar while slight demand was observed from retailers.
Orbit Securities said the local currency maintained its stability trading around 2,309/09 for the entire election week.
"The shilling remained resilient against the dollar, with its value remaining at 2,309/09 against the US dollar,"
Orbit said in its Weekly Market Synopsis. NMB Bank said in its e-Market that the shilling stability was also due to less demand from corporates as they switch concentration to end month obligations.
"[The] local currency is expected to remain steady," NMB said.
NMB, one of the leading lenders, said with the starting of cashew nut auctioning session, the market is expected to see more inflows from the sector.
"... [The] inflows will also pick-up in the coming weeks," NMB said.
However, the shilling in the last ten months depreciated by 11 per cent from 2,299/- to 2,309/-.
According to Orbit Securities, the Interbank Foreign Exchange Market (IFEM) registered a lazy week due to the elections fuss.
"... Only one day was reportedly active during the [whole of last] week which had three business days," the brokerage firm said.
The amount traded on the session was 1.5million US dollars compared to 6.15million US dollars traded during the previous week
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