NAIROBI: The Kenyan shilling was flat on Thursday, as month-end hard-currency demand from the manufacturing sector was offset by foreign investor inflows for the local bond market, traders said.

At 0835 GMT, LSEG data showed the shilling at 128.25/129.25 to the U.S. dollar, the same as at the close of Wednesday’s session.

“It’s very stable. Demand and supply seem to be evenly matched. There’s been some good (FX) demand but offshore flows are coming for the infrastructure bond,” one trader said.

Kenyan shilling strengthens slightly on tea exporter FX inflows

The shilling has been relatively steady for several months, after rallying strongly in the first half of 2024 as concerns eased that the East African country would default on a $2 billion Eurobond that matured in June.