Kenya's shilling stable against dollar
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Kenya's shilling stable against dollar UPDATED 17 Jul 2009 | 11:20  
Kenya's shilling stable against dollar

NAIROBI (Reuters) - Kenya's shilling was stable versus the U.S. currency on Friday, and dealers expected a wider trading range in the coming days.

At 1025 GMT, commercial banks posted the unit at 76.80/90 against the dollar compared with 76.75/85 at Thursday's close.

"The shilling looks like it's going to gain a few points and I don't see it going below 76.50 ... it's got good support from people looking to buy around those levels," said Jeremiah Kendagor, head of trading at Kenya Commercial Bank.

Bank of Africa senior dealer Duncan Kinuthia said that mild corporate demand was pushing the shilling, and traders were adopting a "wait and see" attitude.

"The outlook is for a wider band of trading," he said.

Citi Bank treasurer Ignatius Chicha said he did not expect much movement on Friday. "Basically people switch off ... it's a Friday ... they don't want to cause large movements."

"My feeling is the trading band (next week) will be between 76.50/77.50," he said.

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