BR:Kenya shilling firms slightly on low dollar demand
NAIROBI: The Kenyan shilling was a touch stronger on Monday, supported by subdued demand for the dollar ahead of the holiday period.
At 0819 GMT, commercial banks quoted the shilling at 85.60/85.80 to the dollar, compared with Friday's close of 85.70/80.
"Kenya is normally importer-based but with manufacturers and importers closed down (for holidays), there is no dollar demand," said Erik Gathetcha, a trader at I&M Bank.
"I expect this to continue through the week."
The shilling, which is roughly flat compared to the dollar in the year to date, has firmed about 1 percent against the greenback since last Monday.
In money markets, the overnight borrowing rate for banks rose to 9.7025 percent on Friday from 8.8840 percent on Thursday, the seventh consecutive rise, offering further support for the shilling.
