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.
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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