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UPDATE 1-Kenyan shilling firms a touch, shares inch lower
June 3, 2014 / 3:22 PM / 4 years ago

UPDATE 1-Kenyan shilling firms a touch, shares inch lower

* Lower demand for dollars helps the shilling
    * Benchmark share index slips 0.3 percent

 (Adds closing rate, shares)
    By Duncan Miriri
    NAIROBI, June 3 (Reuters) - The Kenyan shilling firmed on
Tuesday as the central bank mopped up liquidity, while the
benchmark share index edged down.
    At the 1300 GMT close of trade, leading commercial banks
quoted the shilling at 87.50/60 to the dollar against Friday's
close of 87.85/95. Markets were closed on Monday for a holiday.
    Traders said they expected the currency, which has lost
about 1.7 percent against the dollar this year, to trade in the
87.20 to 88.00 range this week.
    Duncan Kinuthia, head of trading at Commercial Bank of
Africa, said demand by corporate clients for dollars at the end
of the month had tapered off, easing pressure on the shilling.
    The central bank also offered support by mopping up 12.17
billion shillings ($139 million) in both repurchase agreements
(repos) and term auction deposits. It had said it sought to
absorb 15 billion shillings in excess liquidity. 
    The bank has frequently absorbed excess liquidity from the
market through repos in recent months, helping to curb
volatility in the exchange rate by making it slightly more
expensive to bet against the shilling.
    On the stock exchange, the main NSE-20 share index 
shed 0.3 percent to close at 4,866.71 points.
    Shares in mobile firm Safaricom, the day's most
traded, fell 1 percent to close at 12.80 shillings, a level
where they could find support, traders said.
    "It will hold steady at 12.50 to 13 shillings until books
for the payment of the dividend close in September," said Ronald
Lugalia, a research analyst at AIB Capital.
    In the debt market, bonds worth 2.4 billion shillings were
traded on Tuesday, up from a volume of 1.08 billion shillings on
Friday.
    
 ...........................Shilling spot rates 
 .....................Shilling forward rates 
  .......................Cross rates 
..................................Local contributors 
.......................Central Bank of Kenya Index 
.....................Kenyan Bonds contributor pages 
  ...............Treasury bill yields 
..................Central bank open market operations 
.........................Horizontal repo transactions 
,................Daily interbank lending rate 
.............................Kenya Bond pricing 
..................Real time Africa economic data 
<ECI & AFR> ...........................African economic news
.................................NSE-20 Share Index
.................................NSE All Share Index
...........................FT NSE Kenya 15 Index
.......................... FT NSE Kenya 25 Index
 SPEED GUIDES:
     

($1 = 87.7500 Kenyan shillings)

($1 = 87.5500 Kenyan Shillings)

 (Additional reporting by Drazen Jorgic; Editing by Edmund Blair
and Susan Fenton)

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