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.

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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

Naija247news
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Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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