Shilling Still Resilient Against the Dollar But Analysts Say it is Short-lived

The shilling

The Kenyan shilling has remained resilient against the US Dollar but analysts have said that it is for a short while before it starts to weaken.

According to Barclays Africa, the shilling will weaken in 2018 more than it performed in 2017 but said Kenyans should not be alarmed.

On Tuesday, the shilling strengthened against the US Dollar by 0.01 percent from Monday’s level to 103.06 shillings.

Against the Sterling Pound, the Kenyan Shilling weakened by 0.90 percent from Monday’s level to 141.99. The shilling went further down against the Euro, the by 1.14 percent from Monday’s level to 126.44.

Kenyan Stock Market

Market turnover at the bourse rose 36.4 percent to USD 5.22 million or an equivalent of 538.3 million shillings from Monday’s trading.

The NSE 20 and NASI gained 0.20 percent and 0.26 percent to close at 3,711.23 and 177.83 respectively.

Foreign investors assumed a net selling position by accounting for 62.5 percent of total market sales and 34.8 percent of total market purchases.

EAC Markets   

In Rwanda, the RSI and RASI declined 0.18 percent and 0.03 percent to close at 135.13 and 133.44 respectively while in Uganda, the USE ALSI and USE LSI dropped 0.02 percent and 0.07 percent to close at 2,022.69 and 389.42 respectively.