Substantial inflows from the
cashew nuts has characterised the local market contributing immensely into the
appreciation of the shilling against the US dollars.
According to the NMB e-market
report, huge appetite from manufacturing, telecom, constructions and SMEs
importers have been observed. Only Oil importers and Small and Medium
Enterprise (SMEs) appeared to have an appetite, other sectors were out building
up the local currency position for this week.
Market closed at 2165/2195
levels. Market is still liquid on the back of government spending and
government securities maturities. Overnight weighted average flat at 13.41 per
cent high.
The CRDB market highlights said
liquidity in the interbank money market saw some improvements as borrowing
rates fell by 55 basis points to 12.86 per cent from previous day rates.
However, total volume traded
amongst banks was down by 25 per cent and was recorded at 10.5bn/-. Overall,
liquidity has shown some improvements in the market and we expect the same to
remain stable towards end of year.
The Kenyan shilling weakened
against the dollar on Monday due to increased demand from multinational
companies for dollars to make their dividend payments, traders said. At 0717
GMT, commercial banks quoted the shilling at 101.65/85 to the dollar, compared
with 101.50/70 at Friday's close.
The Ugandan shilling extended its
recent losing streak on Monday, hurt by dollar demand pressure from commercial
banks and energy sector firms.
At 0928 GMT commercial banks
quoted the shilling at 3,510/3,520, weaker than Friday's close of 3,495/3,505.
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