Kenya:
Kenyan shilling firms against dollar
Nairobi, Kenya: The Kenyan shilling was slightly firmer early on Wednesday, lifted by dollar inflows from tea exporters a day after the president nominated a senior finance ministry economist as finance minister.
Traders said the market had confidence in President Uhuru Kenyatta's choice of Harvard-educated Henry Rotich, whose nomination must be approved by parliament.
At 0646 GMT, commercial banks quoted the SH83.60/80 per dollar, slightly stronger than Tuesday's close of Sh83.70/90. It has gained 3 percent so far this year.
"There is some dollar flows from the tea guys after the auction on Wednesday," said Dickson Magecha, a trader at Standard Chartered Bank.
Tea is Kenya's leading foreign currency earner and is sold in the port city of Mombasa every Tuesday.
Exporters typically then convert their earnings into shillings to pay farmers and cover operational expenses.
Traders said the market was eyeing dollar inflows from foreign investors buying five- and 15-year Treasury bonds worth a total Sh25 billion ($298.5 million) at an auction on Wednesday.
Demand for Kenyan assets has increased since the March 4 presidential election, which went off peacefully.
"We still expect the shilling to continue gathering more momentum in the course of the day with the anticipation of testing Sh83.50 levels," said Bank of Africa in a daily report.
-Reuters
Nairobi, Kenya: The Kenyan shilling was slightly firmer early on Wednesday, lifted by dollar inflows from tea exporters a day after the president nominated a senior finance ministry economist as finance minister.
Traders said the market had confidence in President Uhuru Kenyatta's choice of Harvard-educated Henry Rotich, whose nomination must be approved by parliament.
At 0646 GMT, commercial banks quoted the SH83.60/80 per dollar, slightly stronger than Tuesday's close of Sh83.70/90. It has gained 3 percent so far this year.
"There is some dollar flows from the tea guys after the auction on Wednesday," said Dickson Magecha, a trader at Standard Chartered Bank.
Tea is Kenya's leading foreign currency earner and is sold in the port city of Mombasa every Tuesday.
Exporters typically then convert their earnings into shillings to pay farmers and cover operational expenses.
Traders said the market was eyeing dollar inflows from foreign investors buying five- and 15-year Treasury bonds worth a total Sh25 billion ($298.5 million) at an auction on Wednesday.
Demand for Kenyan assets has increased since the March 4 presidential election, which went off peacefully.
"We still expect the shilling to continue gathering more momentum in the course of the day with the anticipation of testing Sh83.50 levels," said Bank of Africa in a daily report.
-Reuters
