Kenya’s currency strengthened to a 14-month high against the dollar buoyed by steady forex inflows largely diaspora remittances and foreign investors chasing yields from a tax-free infrastructure bond auctioned last week. The Google currency tracker mapped the shilling at 106.54 against the greenback on Monday at 1530 hours compared to 106.98 on Friday. This was however, a slight drop compared to Sunday when the shilling briefly sneaked into 105 margin to exchange at 105.87. Last week, CBK issued another Sh30 billion bond whose results are expected to be released Thursday. Others however thinks that the Kenyan shilling is benefitting from low dollar demand globally.

Source: The Star May 11, 2021 00:56 UTC