The Kenyan Shilling (KES) was resilient against international peers during Tuesday’s trading session. Gains of 0.26% and 0.08% were recorded against the Sterling Pound (GBP) and the US Dollar (USD), respectively. Balanced dollar demand and Supply anchored the KES, however, the local unit shed 0.26% against the Euro (EUR).
The EUR has outperformed major international peers since the start of the week, as investors closed out their positions ahead of the end of the year. The outcome of Spain’s general election over the weekend, which saw the country’s ruling party lose its parliamentary majority provided support to the shared currency, as the election diminished some of the appetite for assets viewed as risky in Europe.
The foreign participation dropped significantly during Monday’s trading session, accounting for 24.77% of total turnover against 75.23% of local participation. Sell off activities offset buy side, resulting in net outflows worth KES 9Mn.10 relative to KES 68.27Mn net inflows on Friday.