Kenyan shilling stable, trade ramping up after election lull

for Tv47 Digital August 19, 2022, 06:06 PM
Kenya shilling
Kenyans went to the polls on August 9, which brought uncertainty in the markets over a wait-and-see approach. PHOTO/REUTERS

Kenya's shilling was broadly stable against the dollar on Friday as dollar supply and demand started to ramp up after a post-election lull, traders said.

Deputy President William Ruto was declared president-elect by the Kenyan election commission on Monday, but his defeated rival Raila Odinga has said he will contest the results in court.

At 0943 GMT, commercial banks quoted the shilling at 119.65/85 against the dollar, compared to Thursday's closing rate of 119.60/80.

"Demand has been quiet but now picking up again," a trader at a commercial bank said. "Some people were holding their dollars over the election – but the perception of chaotic conditions have gone down out so inflows have increased."

According to Refinitiv data, the shilling has fallen around 5.5% against the dollar this year.

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