The Kenyan shilling appreciated to a 23-week high against the dollar week ending Nov. 22 on the back of inflow from offshore investments compared to previous week’s close at 102.1.
According to Central Bank’s weekly bulletin, “The Kenyan Shilling strengthened against major international and regional currencies during the week ending November 21, supported by corporate inflows.”
On Friday, the currency appreciated by 0.15% to 101.5 on Friday from 101.3 in the previous trading session.
The shilling allied to a five-month high in early November breaking through the 103.00 psychological level. “Sentiment was also elevated by the repeal of the
interest rate cap, which may open the door for the standby facility with the IMF. The shilling may appreciate to 102.00 in November,” according to Global Markets Research of the NCBA Bank Group.