Kenyan shilling inches down, focus on presidential vote result

Kenya's Deputy President William Ruto and presidential candidate for the United Democratic Alliance (UDA) and Kenya Kwanza political coalition, speaks after being declared the winner of Kenya's presidential election, at the IEBC National Tallying Centre at the Bomas of Kenya, in Nairobi, Kenya August 15, 2022. REUTERS/Thomas Mukoya

NAIROBI, Aug 16 (Reuters) - Kenya's shilling eased on Tuesday due to importer dollar demand, traders said, adding it was so far unaffected by announcement of the winner of last week's presidential vote.

On Monday, the election body declared Deputy President William Ruto as winner of the election. Traders said the market had adopted a wait and see attitude until it was clear whether the outcome would stand or be disputed.

At 0804 GMT, commercial banks quoted the shilling at 119.40/60, compared with Monday's closing rate of 119.30/50.

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"We have not seen any significant movement even after the election results. I think it is still a bit of a wait and see. One is obviously to see if it ends here, or if we have a petition," a trader at one commercial bank said.

Market participants said they were also keen to see how the next government will manage the economy, "because we have enormous economic problems," the trader said.

A second trader said some participants were betting on the shilling gaining ground due to the overall peaceful conduct of the election.

"They believe the shilling is going to strengthen (because) the outcome is peaceful. I think that is why most players are not keen on trading today," the second trader said.

Monday's announcement of the presidential result was disrupted by an announcement by four commissioners of the electoral body that they could not take ownership of the results. read more

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Reporting by George Obulutsa; Editing by Duncan Miriri

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