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Kenya

Shilling holds steady post US Presidential results

NAIROBI, Kenya, Nov 9 – The Kenya shilling has held steady on Wednesday trading session amidst market anxiety as Donald Trump clinched the United States President bid.

The Kenya currency remained range bound trading at 101.65 against 101.85 shillings to the dollar despite other markets plunge.

Commercial Bank of Africa (CBA) Senior Research Analyst told Capital FM Business this stance is due to Central Bank of Kenya intervention with assurance of keeping the tabs ready to intervene if need be.

“While the US dollar may be generally weak across the board, broader risk aversion could keep the shilling on the back foot,” she explained.

Share markets plunged and the dollar tumbled against many currencies as Donald Trump was elected US president with many comparing it to the Brexit scenario.

Among the currencies affected include Mexican Peso that fell to a record low as safe-haven assets soared, with gold rising more than five percent and German government bonds rallying.

Fears about the impact on financial markets led Japanese authorities to call crisis talks.

Markets have been plunged into turmoil as Clinton was considered by many investors to be safer bet than Trump.

According to Senior Vice President, Financial Risk Riyad Bank Mohamed Wehliye financial markets lost about   $US2.5 trillion on Wednesday owing to the US Presidential outcome.

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