The Kenyan
shilling rose slightly against a broadly weaker dollar on Monday, with
traders forecasting that the local currency will come under pressure
due to end-month corporate demand for dollars.
At 08:11 GMT, leading commercial banks quoted the shilling at 80.90/81/10 compared with Friday’s close of 81.00/10.
Traders said they expect particularly strong demand for dollars from the energy sector.
They did not expect 2010 tea export earnings figure from the Tea Board of Kenya to move the shilling.
“The market has
already factored in these inflows and we are seeing matched heavy
dollar demand,” said Duncan Kinuthia, a senior trader at Bank of Africa.
