Shilling gains against dollar after sale of new Eurobond

BDsillinganddollar

Confidence the 2024 Eurobond would be repaid has helped stop panic buying of foreign currency, traders say. File | Shutterstock

The shilling extended gains on Wednesday, hitting its strongest in more than three months as confidence the government would pay off a Eurobond maturing in June buoyed investor appetite.

The shilling strengthened over three percent against the US dollar to reach 150.00/151.00, a level it last traded at on October 26, compared with Tuesday's close of 155.50/156.50 to the dollar, LSEG data showed.

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