Kenyan Shilling remains stable against dollar

The shilling was little changed against the dollar Friday, and traders said it was likely to remain supported next week due to positive sentiment and tighter liquidity.

Commercial banks posted the currency at Sh87.30/40, unchanged from Thursday's close.

The shilling has gained 0.6 per cent against the dollar this week, boosted by  successful $2 billion (Sh174 billion) debut Eurobond issue, offsetting the impact of renewed attacks in Kenya by militants although they limited gains.

Traders said the shilling was likely to hover at around Sh87.20 next week.

"We expect the shilling to be supported for the next week," said Nahashon Mungai, a trader at KCB Bank, also citing lower demand for dollars by firms and tighter money market liquidity.

-Reuters