The Kenyan shilling picked traction and gained against the US Dollar after the Supreme Court of Kenya ruled to upheld the reelection of President Uhuru Kenyatta.
The shilling has been on the receiving end for the last four months as political temperatures in the country continued to rise but things seem to be coming back to normal.
At the close of business on Monday, the shilling was trading at 103.60/80 per US Dollar against 103.80/90 that had been recorded earlier.
Generally, this is how the shilling performed against the US Dollar, the Sterling Pound, and the Euro.
Against the US Dollar, the Kenyan Shilling weakened by 1.27 percent on a year-to-date. The shilling weakened against the Sterling Pound by 9.15 percent while against the Euro, the shilling weakened by 14.33 percent.
On the Kenyan Stock Market, the market turnover at the bourse dropped 11.4 percent to USD 5.35 million or an equivalent of 555.5 million shillings from yesterday’s trading.
The NSE 20 and NASI increased 1.31 percent and 1.04 percent to close at 3,779.16 and 164.82 respectively.
Foreign investors, on the other hand, assumed a net selling position by accounting for 76.0 percent of total market sales and 52.1 percent of total market purchases.
On the East African Markets, in Rwanda, the RSE RSI and RASI dropped 1.23 percent and 0.18 percent to close the day at 132.32 and 133.04 respectively while in Uganda, the USE ALSI and USE LCI declined 0.12 percent and 0.30 percent to close at 1,726.94 and 382.65 respectively.
The market seems to be rebounding back after being on the receiving end of months of political back and forth. In the wake of August 8th polls, the NSE lost more than 50 billion shillings in just 10 minutes with the total lost during this political season being more than 130 billion shillings.