Forex Report July 4, 2015

The Kenyan shilling has steadied against the US dollar, as focus shifts to next Tuesday’s meeting by the Central Bank of Kenya’s monetary policy committee.

Analysts expect the rate setting committee to signal higher interest rates in a bid to stem the shilling’s depreciation to the dollar and tame inflationary pressure.

The shilling is exchanging at an indicative rate of 96.72 buying, 96.91 selling to the dollar.

It is, however, trading at 109.02 buying, 109.25 selling to the euro and at 148.27 buying, 148.59 selling to the sterling pound.

Against her regional counterparts, the shilling is trading at 7.06 buying, 7.16 selling to the Rwandese franc, 22.03 buying, 22.12 selling to the Tanzanian shilling and at 31.76 buying, 31.92 selling to the Ugandan shilling.