Shilling appreciates against dollar


Published on 13/06/2009

NAIROBI, Friday

The shilling strengthened slightly as banks cut positions after the Government’s budget failed to outline measures to boost foreign exchange reserves.

In early trade, leading banks traded the unit at Sh77.85/95. The local currency closed Thursday’s trade at Sh78.05/15.

It had strengthened to Sh77.70/80 in early morning trade before profit taking eroded the gains.

“Dealers were waiting to see how central bank will beef up reserves, how it will tackle the shortfall in reserves. No mention of that was made so the market opened stronger today,” said Friday Mwafuga, Co-operative Bank’s head of trading.

The Central Bank forex reserves have sunk to $2.867 billion, enough to cover 3.3 months of imports instead of the statutory four months.

— Reuters

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