Currencies

Shilling stages 10-day rally against top EAC currencies

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The Kenya shilling posted its strongest intra-day gain against the US dollar in the last 12 years.

The Kenyan shilling is ending its long dismal run after turning the tables against its regional peers last week on the back of marginal gains against major world currencies, raising hopes that the turmoil in the foreign exchange market is ebbing.

An analysis of the Central Bank of Kenya (CBK) data shows that the local unit, which closed 2023 on the worst run in 30 years, has gained against the Ugandan shilling for the last 10 consecutive days and for three straight days against the Tanzanian shilling.

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