The shilling firmed against the dollar yesterday, supported by the central bank's sale of greenbacks to commercial banks in the previous two sessions after the shilling slid. Banks posted the shilling at 86.35/55 per dollar from Monday's close of 86.50/70. The shilling had sunk to a seven-month low of 86.65/75 to the dollar during the first trading session of the year on January 2. "The shilling was weakening sharply on the back of actual real money demand," said Chris Muiga, a senior trader at Kenya Commercial Bank, adding that the move down had forced the central bank's hand in the market...
↧