Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

Shilling hits two year high trading at Sh99 to the dollar

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.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...