Shilling Gains Traction Against the Dollar as Concerns Arise over its safety

By Juma Fred / February 21, 2018

The Kenyan shilling gained traction against the US Dollar, the Sterling Pound, and the Euro on Tuesday even as analysts continue to hold the view that the glory is just shortlived.

On Tuesday, the shilling strengthened against the US Dollar by 0.01 percent from Monday’s level to close the day at 101.30 shillings to the dollar.

On a year-to-date basis, the shillings remained resilient against the dollar by 1.87 percent from Monday’s level.

The shilling went further to strengthen against the Sterling Pound by 0.39 percent from Monday’s level to close the day at 141.52 shillings to the pound.

On the year-to-date basis, the shilling was however down by 1.99 percent against the pound as compared to its performance on Monday.

Against the Euro, the Kenya Shilling strengthened 0.58 percent from Monday’s level to 125.46 shillings to the Euro with this performance being 1.77 percent lower on a year-to-date basis.

READ: Shilling Sheds Off 0.5% During the Week

On the Kenyan Stock Market, the market turnover increased by a whopping 419.0 percent to USD 13.03 million or an equivalent to 1,319.6 million shillings from Monday’s trading.

NSE 20 and NASI gained 0.21 percent and 0.85 percent to close at 3,727.33 and 181.74.

Foreign investors assumed a net buying position by accounting for 72.1 percent of total market purchases and 49.1 percent of total market sales.

Focusing on the East African Community Markets, in Rwanda, the RSI and RASI held constant at 133.21 and 133.17 respectively while in Uganda, the USE ALSI and USE LCI declined 0.48 percent and 0.22 percent to close at 2,064.96 and 390.54 respectively.

About Juma Fred

Juma Fredrick is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it. You can reach him on: (020) 528 0222 or Email: [email protected]

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