Stability of the Kenyan Shilling Amid Expected Diaspora Inflows

The Kenyan shilling remained stable on Wednesday, with traders predicting potential gains from incoming remittances from the Diaspora. The exchange rate was quoted at 129.20/45, consistent with Tuesday’s close.

The Kenyan shilling held steady on Wednesday, maintaining its value from the previous trading session. Traders anticipate potential strengthening of the shilling in the forthcoming days, largely attributed to anticipated remittance inflows from the Kenyan Diaspora. At 0825 GMT, commercial banks reported the shilling’s value at a rate of 129.20/45, unchanged from the closing on Tuesday.

In conclusion, the Kenyan shilling’s stability is bolstered by expectations of increased inflows from the Diaspora. This development may lead to a stronger currency in the near future.

Original Source: www.marketscreener.com