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Traders expect Kenyan shilling, Ghana's cedi to come under pressure - 2 months ago, 9 Nov 09:55

By: Reuters

 

NAIROBI - Traders expect the Kenyan shilling and Ghana’s cedi to come under pressure next week but predict other African currencies will remain stable.

 

KENYA

The Kenyan shilling is seen under pressure due to increased dollar demand from importers of oil and other goods making payments ahead of Christmas and New Year.

Commercial banks quoted the shilling at 101.70/90 per dollar, compared with 101.60/80 at last Thursday’s close.

“There is demand from general importers wishing to make payments ahead of the festive season next month,” a senior trader at one commercial bank said.

UGANDA

Traders said they expect the Uganda shilling to trade in a stable range. Commercial banks quoted it at 3,747/3,757, compared to last Thursday’s close of 3,737/3,747.

“I think most importers have already met their hard currency needs to cover shipments for the December holiday shoppers,” the commercial bank’s trader said, adding the shilling would trade in ...
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