Kenyan shilling firms

Kenya's currency clawed back some ground versus the dollar on Monday on interbank greenback sales, dealers said. The commercial banks quoted the local currency at 77.40/50 per dollar from 78.00/10 at the close of trading on Friday. "Interbank players have been selling dollars," said Chris Muthoka, a dealer at Citi. The local unit weakened on Friday as players squared positions ahead of the weekend.
"The shilling is just recovering from the move to 78," said Peter Njuguna, a senior dealer at Commercial Bank of Africa. "The supply of dollars is still good. Although the shilling is bullish, the market is still trying to find a level." The shilling was on a strengthening path last week on the back of central bank dollar purchases but weakened slightly as market players bought greenbacks on Friday.