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Kenya: Quiet Trading At Forex Amid Low Dollar Orders
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Business Daily (Nairobi)
4 May 2008
Posted to the web 5 May 2008
Millicent Kamau
Trading at the forex market was quiet throughout the week characterised by low dollar demand.
Early last week, the local unit had faced pressure from the US dollar as importers were rushing to buy US dollars to meet their end month payments.
Demand from the oil and manufacturing sector also saw the shilling yield some ground to the American unit.
On Monday the local unit had opened at Sh62.20 buying 62.30 selling before closing on an easier note at Sh62.30 buying and 62.40 selling.
"In the beginning of the week the local unit was absorbing pressure for the end month dollar demand," said Mwambu Malamba, a senior dealer at Commercial Bank of Africa (CBA). "There was no dollar inflow to support the local unit."
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The local unit crawled back to the levels of 61 as the demand for the dollar dropped since importers had covered for their end month dues.
"Trading sailed mainly on dollar demand that is why when the demand for the dollar fell the local unit gained," Mr Malamba said.
On Friday, trading opened at 61.50 buying and 61.60 selling- however by close of business, trading settled at 61.15 buying and 61.25 selling.
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