Shilling holds steady against dollar

Jan 15, 2006

THE shilling closed last week almost unchanged against major currencies as corporate dollar demand continued to stay away from the market, traders said on Friday.

By Paul Busharizi

THE shilling closed last week almost unchanged against major currencies as corporate dollar demand continued to stay away from the market, traders said on Friday.

The shilling closed at 1,815/20 the same as the previous week.

“Anticipated dollar demand is not happening. This lends support to the shilling,” dfcu’s chief dealer David Bagambe said.

The shilling shed value at the beginning of last week due to inter-bank trade but rebounded on inflows from agriculturals and project funding, Bagambe said.
“We see further gains for the shilling as any new demand will be matched by existing supplies,” he said, looking forward to this week.

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