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Kenya shilling steady, seen vulnerable on excess liquidity
March 13, 2014 / 8:26 AM / 4 years ago

Kenya shilling steady, seen vulnerable on excess liquidity

NAIROBI, March 13 (Reuters) - The Kenyan shilling was
steady on Thursday, and traders said it was likely to remain
capped within a range although excess liquidity, if it remained,
could exert downward pressure on the currency.
    At 0803 GMT, commercial banks quoted the shilling at
86.40/50 per dollar, unchanged from Wednesday's close.
    Traders said if the central bank (CBK) mopped up excess
liquidity, as it has done since last week, making it expensive
to hold long dollar positions, the shilling would strengthen.
    "Demand and supply are well-matched, but excess liquidity is
keeping the shilling on the back foot," said Sheikh Mehran,
senior trader at Kenya Commercial Bank.
    "I think they (central bank) could be coming in again to mop
up."
    On Wednesday the central bank was in the market and mopped
up 6.1 billion shillings ($70 million) at a weighted average
rate of 6.276 percent. It had sought to mop up 10 billion
shillings, central bank data showed.
    The shilling, which has gained 0.35 percent versus the
dollar so far this year, is expected to trade in the 86.20 to
86.60 range in coming days, traders said.
     
               ...........................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:
                                    
            
  ($1 = 86.4500 Kenyan shillings)

 (Reporting by James Macharia; Editing by Toby Chopra)

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