Kenyan shilling steady on improved FX inflows

April 04, 2023 07:25 PM AEST | By Reuters
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NAIROBI, April 4 (Reuters) - The Kenyan shilling was steady against the dollar on Tuesday, bolstered by improved foreign exchange inflows from aid agencies and exporters, and a resuscitated interbank market, traders said.

Persistent unmatched foreign exchange demand from fuel importers and the manufacturing industry has caused the shilling to lose 7% of its value against the greenback this year, according to Refinitiv data.

At 0909 GMT, commercial banks quoted the shilling at 132.80/133.00, not far from Monday's close of 132.75/95.

Last week the central bank governor said the restoration of the interbank market had started to smooth out volatility in the shilling's exchange rate.

"The interbank is trying to come back to life but still some way to go," a trader at one commercial bank said. (Reporting by Hereward Holland; Editing by Bhargav Acharya)


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