Kenyas shilling firmed marginally against the dollar on Thursday aided by position squaring by banks that were holding long dollar positions during the week. The leading commercial banks posted the unit at 79.95/80.05 against the greenback compared with Wednesdays close of 80.15/25.
Traders predicted it is likely to stay within a wide band of 70.60-80.60 against the dollar, when trade resumes next week after the Easter weekend, barring any unforeseen happenings. "The market was a bit long on dollars due to the politics, so it is basically position-squaring ahead of the long weekend. We will continue being range-bound," said Chris Muiga, a senior dealer at Kenya Commercial Bank. "We have been trading at above 80.00 for a long time, so when people spot 79.65, it seems very attractive so they step in," he said.
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