Kenyan shilling stable against the dollar, market players eye rate cap decision

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NAIROBI (Reuters) – The Kenyan shilling was stable against the dollar on Tuesday supported by inflows from offshore investors buying government debt, traders said.

At 0905 GMT, commercial banks quoted the shilling at 103.65/85 per dollar, the same as Friday’s close. Kenyan markets were closed on Monday for a public holiday.

Market players are awaiting parliament’s decision after Kenya’s president demanded lawmakers remove commercial lending rate caps.

“Foreign investors will be interested in the financial counters – banking stocks which could further support the shilling,” said a trader from one commercial bank.

Reporting by John Ndiso; Editing by Maggie Fick

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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