Shilling steady despite intervention

The Shilling closed steady against the dollar on Friday even after the Central Bank of Kenya sold dollars to support the currency, while stocks closed higher.

The shilling closed at 90.05/15 to the dollar, unchanged from Thursday’s close, down from an intraday high of 89.75/95 after central bank’s intervention to support the currency.

“In the morning (the shilling) went up when central bank came in. Then we saw demand, bringing it back to where we opened in the morning,” said John Njenga, trader at Commercial Bank of Africa. —Reuters