Kenyan shilling inches up as liquidity tightens
A teller counts Kenya shilling notes inside the cashier’s booth at a forex exchange bureau in Kenya’s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya
NAIROBI (Reuters) – The Kenyan shilling edged up on Thursday due to tightening liquidity in the money market, which normally drives up the cost of holding dollars , traders said.
At 0935 GMT, commercial bank quoted the shilling at 102.35/55 per dollar, compared with 102.45/65 at Wednesday’s close.
The weighted average interest rate on the overnight lending market for banks rose to 4.53 percent on Wednesday from 4.39 percent the previous day.
Reporting by John Ndiso; Editing by Duncan Miriri
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