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Kenya Shilling Gains On Dollar in Slow Trading |
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By
Eddyson Lugangwa
Posted 30 March 2006 @ 01:05 pm EET |
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Nairobi (IBTimes.com) - The Kenya shilling appreciated marginally on Tuesday on some dollar sales by players afraid that end-month demand for greenbacks would not materialise, dealers said.
Leading commercial banks posted the local unit at Sh72.25/72.35 to the greenback, slightly firmer from Monday's close of Sh72.30/72.40. "A few people are selling dollars thinking the end of month demand might not materialise," the dealer said.
A senior dealer at Standard Chartered Bank, Mr Chris Rwengo, said the market on Tuesday was quiet with both counters being balanced, which has been the trend for the last two weeks. "For the last two weeks, the fundamentals have remained balanced," Mr Rwengo said.
"By the end of the week it should be contained within the Sh72.25/50 range. We haven't seen any huge transactions to break out of this level." Traders said the market had shrugged off the prosecution of Central Bank Governor Andrew Mullei last Thursday on abuse of office charges.
Dr Mullei, appointed in 2003, was accused of giving lucrative consultancy posts to his son and three associates.
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This article is copyrighted by the IBTimes. |
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