Kenyan Shilling Remains Stable Amid Low Dollar Demand

The Kenyan shilling remained stable on Thursday, backed by low dollar demand from importers. Banks quoted the shilling at 129.25/129.45, identical to the previous day’s close.

On Thursday, the Kenyan shilling maintained its stability in the forex market, largely due to a decrease in demand for dollars from importers. Traders have indicated that this low dollar demand has contributed positively to the shilling’s performance. As of 0802 GMT, commercial banks were quoting the shilling at 129.25/129.45, reflecting no change from its previous close on Wednesday.

In summary, the Kenyan shilling’s recent stability can be attributed to reduced dollar demand from importers, maintaining the currency’s value at a consistent rate against the dollar. This development illustrates the dynamic nature of currency markets influenced by market demand.

Original Source: www.marketscreener.com