Kenyan shilling steady, seen in a tight range

The Kenyan shilling was unchanged on Monday and traders said it was likely to be stuck in a narrow band for the rest of the week.

Commercial banks posted the shilling at 102.35, barely moved from Friday’s closing rate of 102.30.

“We remain in the 102.00-102.50 range for the week. I don’t see anything that can cause it to break the range for now,” said a trader at a commercial bank.

The shilling has been stable this year mainly due to a well-matched supply and demand of dollars.