Shilling stays firm

Apr 01, 2007

THE shilling firmed against the dollar in the week to Friday on aggressive inflows from the development agencies that matched the available corporate demand, dealers said.

By Sylvia Juuko

THE shilling firmed against the dollar in the week to Friday on aggressive inflows from the development agencies that matched the available corporate demand, dealers said.

The shilling closed the week at 1,746/1,751 to the dollar compared to last week’s 1,747/1,752.

The dealers said the local unit opened strong against the greenback but retreated due to brisk inter-bank trading before recovering during the week due to strong inflows from development agencies.

“Even with the substantial corporate demand for the greenback, the shilling managed to put up a stronger resistance with the help of inflows from the development agencies,” said Mushabe Mashanyu, the spot trader at Standard Chartered Bank.

The dealers predicted that the local unit would be range-bound and trade within the 1,740-1,751 rate to the dollar.

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