The Kenyan shilling is seen holding steady against the dollar in the next week to Wednesday, the Tanzanian shilling is expected to weaken and the Ugandan unit is forecast to strengthen, traders said.
KENYA Kenya's shilling is expected to hold steady, with dollar inflows being matched by demand. The commercial banks quoted the unit at 75.10/30 to the dollar, compared with 75.20/30 at last Wednesday's close. Dealers said they expected it to trade in the 74.85-75.85 range against the dollar in the days ahead.
The market would be watching the outcome of a meeting later this week between the International Criminal Court prosecutor and Kenyan leaders on how to try those suspected of involvement in last year's bloody post-election violence.
TANZANIA The Tanzanian shilling is expected to ease slightly against the dollar due to a reduced supply of the US currency and demand from importers in sectors like energy and telecoms. Commercial banks posted the shilling at 1,327/1,332 to the dollar, compared with 1,323/1,328 at last Wednesday's close. Dealers saw the shilling trading in the 1,325-1,350 range in the days ahead.
UGANDA Uganda's shilling is seen strengthening in the week ahead to Wednesday, supported by dollar inflows from offshore investors interested in buying government securities. Commercial banks posted the local unit at 1,878/1,883 per dollar, compared with last Wednesday's close of 1,880/1,885. Traders predicted it would trade in the 1,870-1,890 range in coming days.
Dealers said market activity had slowed as corporate customers kept out of the market. "The market has been stuck at these levels for some time now. There is not much activity on either side," said Denis Mushabe Mashanyu, a dealer with Standard Chartered Bank Uganda.
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