March 24, 2020 / 7:08 AM / 7 days ago

Kenyan shilling inches down against dollar, spreads widen

    NAIROBI, March 24 (Reuters) - The Kenyan shilling
edged down against the dollar on Tuesday and the spread between
offers and bids continued to widen due to extreme market
volatility, traders said. 
    At 0645 GMT, commercial banks quoted the shilling at
106.60/107.20 per dollar, compared with Monday's close of
106.40/106.60.
    Like other frontier currencies, the shilling has been
pummelled by the outbreak of the coronavirus and it is hovering
close to its record low of 106.70 against the dollar.
    Traders said the central bank's decision to slash rates and
to reduce the cash reserve ratio (CRR) for banks could both
support and work against the shilling.
    "By cutting CRR, they have increased liquidity to help
people buy dollars, but on the other hand reducing the benchmark
rate makes it unattractive to hold shillings," said a senior
currency trader at a commercial bank. 
               ...........................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
          .................................NSE-20 Share Index
          .................................NSE-25 Share Index
         .................................NSE All Share Index
             ...........................FT NSE Kenya 15 Index
             .......................... FT NSE Kenya 25 Index
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 (Reporting by Duncan Miriri and John Ndiso)
  
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