The Kenya shilling was stable versus the dollar on Friday and dealers expect it to trade in a range in the coming week. At 1000 GMT, commercial banks traded the unit at 76.25/35 unchanged from Wednesday's close. Markets were closed on Thursday as the country celebrated Democrat Barack Obama's win in the US presidential election. His father was Kenyan.
The local unit had earlier appreciated to 75.80/90 but retraced on dollar demand from the energy sector. "The market is quiet today. We are looking at being rangebound between 76-77," said Friday Mwafuga, head of trading at the Co-operative Bank. "Breaking 76.00 is a bit difficult for now because fundamentals have not changed."
Dealers expect any shilling strengthening will be gradual. "We are bullish but we might see it appreciate gradually because the stimulants for it to appreciate at this time are low," said Kennedy Butiko, a senior dealer at the Bank of Africa.
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