Kenya shilling stable, seen facing pressure from importer demand

Kenya’s shilling was stable against the dollar on Monday but traders said they expected it to come under modest pressure during the week due to increased importer demand.

At 0728 GMT, commercial banks quoted the shilling at 102.20/30, the same as Friday’s close.

“Going into this week, we expect there will be some pressure on the shilling. The demand (for dollars) should pick up. Most corporate clients have come back to work,” a senior trader at one commercial bank said.

Typically demand for dollars comes from the energy sector, manufacturers and telecoms firms.