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Kenyan shilling under pressure, could test key 92 level
March 12, 2015 / 9:57 AM / 3 years ago

Kenyan shilling under pressure, could test key 92 level

NAIROBI, March 12 (Reuters) - The Kenyan shilling 
held steady on Thursday, with traders saying the currency was
likely to trade with a weakening bias in the absence of dollar
inflows. 
    At 0945 GMT, commercial banks quoted the shilling at
91.65/75 to the dollar, the same level as Wednesday's close.
    "There's no inflows coming in. Tea prices are down, in the
quantity and quality, because of bad weather and poor rains,"
said Commercial Bank of Africa trader Joshua Anene.
    "We maintain a fairly negative shilling outlook," said
Anene, adding he expects the currency to pass the psychological
92 level by the close of this week, "barring central bank
action."
    Kenya's central bank has come into the market repeatedly
over the last two weeks to mop up excess liquidity, which helps
support the currency. On Thursday, it said it planned to mop up
8 billion shillings ($87.29 million) in excess liquidity from
the money markets.
    A second trader at a major commercial bank in Kenya took a
more positive view of the shilling's outlook, saying he expected
it to stay in a range of 91.30 to 91.80 in the coming days.
    "It should remain well-supported at these levels" on
expectations of foreign investors buying a government bond on
sale this month," the trader said.
    Kenya will sell a 12-year infrastructure bond worth up to 25
billion shillings ($274 million) on March 25. 
    
               ...........................Shilling spot rates 
                  .....................Shilling forward rates 
                           .......................Cross rates 
         ..................................Local contributors 
           .......................Central Bank of Kenya Index 
          .....................Kenyan Bonds contributor pages 
                          ...............Treasury bill yields 
        ..................Central bank open market operations 
        .........................Horizontal repo transactions 
         ,       ................Daily interbank lending rate 
              .............................Kenya Bond pricing 
             ..................Real time Africa economic data 
 <ECI & AFR> ...........................African economic news
          .................................NSE-20 Share Index
         .................................NSE All Share Index
             ...........................FT NSE Kenya 15 Index
             .......................... FT NSE Kenya 25 Index
  SPEED GUIDES:
                                    
            
 
 (Reporting by Edith Honan; Editing by James Macharia)

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