-
Commercial banks quoted it at Sh166.54 against the Sterling Pound and Sh142.67 against the Euro.
-
They further quoted it at Sh19.36 against the Tanzania Shilling and Sh29.47 against the Uganda Shilling.
Image: FILE
The Kenya shilling has continued to strengthen against the dollar trading at Sh131.80 on Wednesday.
Commercial banks quoted the shilling as having also recorded gains against other major currencies at the closing of the market on March 27, 2024.
Commercial banks quoted it at Sh166.54 against the Sterling Pound and Sh142.67 against the Euro.
They further quoted it at Sh19.36 against the Tanzania Shilling and Sh29.47 against the Uganda Shilling.
The shilling has strengthened significantly against major currencies in the recent past after a period of constant decline.
On March 12, the shilling recovered to Sh139. It was the first time the Central Bank of Kenya officially quoted the shilling at Sh139 since June 2023.
During the same period, the shilling also recorded gains against other currencies with the CBK quoting it at 178.85 against the Sterling Pound and 152.32 against the Euro.
The Kenyan Shilling was at its weakest in January 2024, exchanging at 160 against the dollar.
At the time, Central Bank of Kenya Governor Kamau Thugge indicated that they would intervene to minimise the volatility that had seen the shilling hit an all-time low against the dollar and other major currencies.
The shilling started to register improvements and posted its strongest intra-day gain against the US dollar on February 14, reaping from a tide of investor confidence after the government received significant inflows to pay off the US$2 billion Eurobond.
In November 2023, National Treasury Principal Secretary Chris Kiptoo urged more Kenyans to invest more in foreign exchange earners, such as the tourism sector to take advantage of the situation.
While exporters now earning less, importers are saving on costs since the US dollar is the main currency of international trade.
With Kenya importing most of the manufacturing raw materials, it meant that a strong Shilling against the dollar would reduce manufacturing costs and subsequently lower the cost of goods.