NAIROBI, Kenya, Apr 23 – The shilling is currently trading at Sh99.90 against 100.10 shillings to the US dollar, the strongest performance by the local currency since 2016.
Dealers at CBA’s Treasury Department says the shilling maintained its bullish run today against the dollar as supply continues to outweigh demand.
The supply side has been boosted by investors taken advantage of the tax amnesty ending in June and also foreign exchange inflows to the local bond market.
The tax amnesty issued by Kenya Revenue Authority gives a tax break for income earned outside the country.
Expectations are that the shilling will continue to consolidate and settle at 97.15 buying and 100.25 selling to the dollar in the near term.
The Pound Sterling is in the meantime, trading at 139.45 buying and 139.85 selling while the Euro is dealing at 122.10 buying, against 122.50 selling.
100 Japanese Yen are trading at 92.30 buying and selling at 92.60, while to the South African Rand the local unit is now at 8.10 against 8.20.
Regionally, the Uganda Shilling is buying at 36.90 and selling at 37.00 while to the Tanzania currency; the Kenya shilling is dealing at 22.75 against 22.85.
At the stock market Athi River Mining, Olympia Capital and National Bank are some of the gainers at this hour while Umeme, Fahari and Flame Tree Group have lost ground.