THE Shilling continued to struggle against the US dollar as strong demands from the energy, communication and manufacturing sectors piled pressure against it. According to the CRDB Bank’s financial and market highlights report, the local currency’s trading session yesterday closed around the levels of 2140/2180 against the greenback.
Another 10 shillings weaker than the day before that ended up at 2130/2170. On Monday, the shilling closed trading session around the levels of 2130/2170 against the greenback, 10 shillings weaker than last week’s close of 2120/2160.
The market was rather stable last week, with dollar demand and supply relatively matching. The shilling closed Friday’s trading session, around the levels of 2120/2160 against the greenback.
In the meantime, the interbank money market volume was recorded at 9.5bn/- with the shilling exchanged at the levels of between 6.5 per cent and 3.0 per cent.
The NMB Bank e-market report shows that the local currency edged lower against the dollar on Tuesday as demand from importers weighed inflows from agriculture and institutions. Market closed 2120/2205 levels but strengthening Agri flows are expected to help the shilling.
In the money markets, liquidity was seen tightening following tax and month-end local payments, with short-term interest rates trading slightly higher towards the 5 per cent mark.
Kenya’s shilling held steady on Wednesday with scarce dollar demand, a day after the central bank injected dollars into the market to bolster the local currency as it neared its all-time low. The Ugandan shilling firmed on Tuesday as importers held back in expectation that the currency will strengthen against the dollar because of tight money market liquidity.
/Daily News.
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