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Shilling stable as volatility subdues

THE shilling continued to experience low volatility yesterday thanks to supply of US dollar from corporate and development organisations.

According to traders, the shilling was expected to remain stable in a near future unless sizable demand for dollar enters the market.

CRDB Bank Financial Market Highlights said the shilling and US dollar ended at a 2265/2315 level yesterday.

“Wednesday saw the local foreign exchange market continues to experience low volatility.

“It continues to be long standing pressure of the dollar against the shilling,” the bank said in the statement.

CRDB’s said the standing pressure was spearheaded by the agriculture, hotel and tourism and mining and extraction sectors on the left hand while on right was led by Oil Marketing Company (OMC), manufacturing and trade sectors.

“The local market continues to expect influxes from the cashewnut season to suffice its demand,” CRDB said.

TIB Corporate Bank said in its Market Updates that the pair was steady yesterday on matched supply and demand of greenback.

“The shilling/dollar pair was kept stable as greenback demand in the market is well matched with inflows from agricultural sector,” TIB Corp said.

The Standard Chartered Bank said in its Daily Commentary that the greenback continued to see reduced pressure as demand was fairly muted during the session.

“We continued to see dollar supply from corporate and development organisations. Low volatility is expected,” the bank said.

Trading Economics data showed that historically, the shilling reached an all-time high of 2,294 a US dollar in October this year and a record low of 1,014/30 in December 2004.

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Author: ABDUEL ELINAZA

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