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Kenya shilling stays unchanged vs dollar

Thu 8 May 2008, 8:59 GMT
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NAIROBI, May 8 (Reuters) - The Kenya shilling <KES=> was unchanged against the U.S. currency on Thursday due to slow demand for the greenback and minimal dollar supplies, dealers said.

At 0900 GMT commercial banks quoted the local unit at 61.60/70 to the dollar, similar to Wednesday's close of 61.70/80.

Dealers said there was light demand when the market opened but it did not have a major impact on the local unit's movement.

"We just saw some small uptake in the morning. It was seemingly looking like there was some demand which was filled, so nothing much has changed," said Chris Rwengo, head of trading at Standard Chartered Bank.

Trading during the session was lacklustre as the market awaited weekly inflows from agricultural exports like tea.

"It has been a pretty much dull market with very little activity," said Omar Abdallah, a dealer with the Gulf African Bank. "But then again we are yet to see the weekly flows from the agriculture sector which could support the shilling."

Energy sector requirements for the month are also not yet clear, dealers added.

"In the short-term, we will probably see a strong shilling, as it is now, but it will depend on whatever supply and demand may arise," said Rwengo.

Dealers saw the shilling trading at the 61.50-62.00 range against the dollar in the coming days. "

<KES=> <KES1=>............Shilling spot rates

<KESF=>...............Shilling forward rates

<EURKES=> <KESX=>.Cross rates

<KE/CONT1=>............All Kenya Contributors

<CBKINDEX>........Central Bank of Kenya Index

<KE/DEBT>......Kenyan Bonds contributor pages

<CBK03> <CBK06> <KE3MTB=>.Treasury bill yields

<KEIBR=>,<CBK02>..Daily interbank lending rate

<0#KETSY=>...Kenya Bond pricing SPEED GUIDES:

<REUTERS> <KES/1> <KE/DEBT> <MONEY> (Reporting by Duncan Miriri; Editing by Ron Askew)

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