Inflows keep shilling firm against dollar
Mar 17, 2008
THE shilling remained firm against the dollar in the week to last Friday, supported by inflows that outstripped demand, dealers said.
By Vision Reporter
THE shilling remained firm against the dollar in the week to last Friday, supported by inflows that outstripped demand, dealers said.
It closed trading at 1,668/1,673 on the inter-bank market on Friday, the same rate quoted the previous week.
Dealers said the market was flat during the first part of the week but activity kicked up on Thursday.
“Thursday saw some activity with inter-bank sell-off of dollars to settle Treasury Bill auction, that took levels to 1,655/1,668,†Denis Mashanyu, a spot trader at Standard Chartered Bank, said.
The central bank intervened in the market on the buy side to create some stability, which pushed the rates to 1,668/1,673.
Dealers expect more activity this week with corporate players expected back into the market. The shilling is expected to trade within 1,660/1,680 levels.
THE shilling remained firm against the dollar in the week to last Friday, supported by inflows that outstripped demand, dealers said.
It closed trading at 1,668/1,673 on the inter-bank market on Friday, the same rate quoted the previous week.
Dealers said the market was flat during the first part of the week but activity kicked up on Thursday.
“Thursday saw some activity with inter-bank sell-off of dollars to settle Treasury Bill auction, that took levels to 1,655/1,668,†Denis Mashanyu, a spot trader at Standard Chartered Bank, said.
The central bank intervened in the market on the buy side to create some stability, which pushed the rates to 1,668/1,673.
Dealers expect more activity this week with corporate players expected back into the market. The shilling is expected to trade within 1,660/1,680 levels.