THE shilling has gained some grounds against the US dollar on the back of increased inflows. The commercial banks quoted the local unit at 1617/1627 against the dollar on Wednesday, the same as last Friday's.
The Standard Chartered Bank said yesterday through its Daily Market Updates that they expect the shilling to tighten on the back of increased inflows of the greenback.
"We expect the shilling to maintain its recent gains today (Wednesday) as we foresee an increase in dollars inflows," the bank said on the report.
The shilling, National Microfinance Bank (NMB) said remained stable because of limited demand of dollars from the corporate. "Interbank trading activities have remained subdued. Market has closed at 1614/1632 range," NMB said o its e-Market.
While CRDB Bank observed the same stable trade that was supported by increase inflow in the market. "The shilling slightly was stable against the dollars on Monday as there were inflows in the market," CRDB report indicated. Barclays Bank said the market was relatively quiet while the pair dollar/shilling remained unchanged