Wires

Kenyan shilling under pressure as importers buy dollars

Share

NAIROBI, Oct 11 (Reuters) - The Kenyan shilling fellmarginally against the dollar on Thursday as it came underfurther pressure from importers in the telecoms and energysectors buying the U.S. currency, traders said.

The shilling

was trading at 85.15/25 to the dollar at0739 GMT, a touch weaker than Wednesday's close of 85.05/25.

"Sentiment still points to a weaker shilling. We've seendollar demand from telecoms and energy guys while inflows arestill low," said Solomon Alubala, head of trading atCo-operative Bank.

Technical analysis charts showed the shilling's supportlevel at 85.50, and traders said if it were to cross that, itcould weaken to touch the 86.00 level.

The shilling is up just 0.1 percent against the dollar thisyear.

It had gained as much as 2 percent in the first half of theyear due to a credit squeeze after the central bank heldinterest rates at an ultra high 18 percent for seven months, butstarted falling in July after policymakers started monetaryeasing as inflation fell.

...........................Shilling spot rates

.....................Shilling forward rates

.......................Cross rates

..................................Local contributors

.......................Central Bank of Kenya Index

.....................Kenyan Bonds contributor pages

...............Treasury bill yields

..................Central bank open market operations

.........................Horizontal repo transactions

,

................Daily interbank lending rate

.............................Kenya Bond pricing

..................Real time Africa economic data

...........................African economic news

.................................NSE-20 Share Index

.................................NSE All Share Index

...........................FT NSE Kenya 15 Index

.......................... FT NSE Kenya 25 Index

SPEED GUIDES:

(Reporting by Kevin Mwanza; Editing by Richard Lough and SusanFenton)

((nairobi.newsroom@reuters.com)(Tel: +254 20 2224717))

Keywords: KENYA MARKETS/

Related Tags