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


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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