Kenya's shilling barely changed after central bank holds rates steady

ADDIS ABABA: Kenya's shilling inched a tad lower on Wednesday, a day after the central bank kept its benchmark lending rate unchanged, traders said.

By 0715 GMT, the shilling was quoted at 102.20/30 to the dollar, compared to Tuesday's close of 102.10/30.

"It is flat - the same as the past few days," said one Nairobi-based trader.

A second trader said the local currency was expected to remain steady over the next few days.

Kenya's central bank held its benchmark lending rate at 11.50 percent on Tuesday, saying the exchange rate had stabilised and the current account deficit had narrowed.

The shilling has been under pressure this year, partly because of global dollar strength and partly because of domestic issues, such as a widening trade gap and budget deficit.