Kenyan shilling steady, eyes tea export inflows

Tue Mar 19, 2013 4:38am EDT

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NAIROBI, March 19 (Reuters) - The Kenyan shilling was
steady on Tuesday but should be strengthened later in the
session by inflows of dollars from the country's weekly tea
auction.
    Tea is Kenya's leading foreign currency earner and is sold
at the port city of Mombasa every Tuesday.
    At 0711 GMT, commercial banks quoted the shilling at
85.75/95 per dollar, barely changed from Monday's close of
85.80/90.
    "It's a bit quiet at the moment but tea sales might support
later today," said Julius Kiriinya, a trader at African Banking
Corporation.
    The shilling weakened steadily through January and February
before jumping in the run up to presidential elections in early
March which avoided the sort of widespread violence seen after
the last polls in 2007.
    Overall it is 0.4 percent stronger against the dollar so far
this year, but weakened at the end of last week as the defeated
candidate, Prime Minister Raila Odinga, challenged the vote in
the Supreme Court. 
    Banks said the case had caused some anxiety, because it
could usher in fresh polls if the petition is upheld, prolonging
uncertainty in the country of 40 million people.
    A swift, transparent resolution of the legal row will
underscore the reputation of east Africa's largest economy as a
stable democracy following a broadly peaceful vote on March 4.  
 
    "The market remains cautious with an eye on the corridors of
justice on the Presidential petition," said Commercial Bank of
Africa in a daily note.    
               ...........................Shilling spot rates 
                  .....................Shilling forward rates 
                           .......................Cross rates 
         ..................................Local contributors 
           .......................Central Bank of Kenya Index 
          .....................Kenyan Bonds contributor pages 
                          ...............Treasury bill yields 
        ..................Central bank open market operations 
        .........................Horizontal repo transactions 
         ,       ................Daily interbank lending rate 
              .............................Kenya Bond pricing 
             ..................Real time Africa economic data 
 <ECI & AFR> ...........................African economic news
          .................................NSE-20 Share Index
         .................................NSE All Share Index
             ...........................FT NSE Kenya 15 Index
             .......................... FT NSE Kenya 25 Index
  SPEED GUIDES:
                                    
            
 
 (Reporting by Kevin Mwanza; Editing by James Macharia and
Patrick Graham)
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