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By Sarah McGregor and Fred Ojambo | Jan 5, 2012
Kenya's shilling snapped two days of losses against the dollar after the country's central bank sold repurchase agreements to curb shilling supply.
The currency of East Africa's largest economy strengthened 0.9 percent to 86.90 per dollar 4:23 p.m. in Nairobi, the capital, after earlier retreating 1.7 percent, according to data compiled by Bloomberg.
"The strengthening is because of the repurchase agreements and because the Central Bank of Kenya sold dollars in the market for at least the last two days," John Muli, a dealer at African Banking Corp., said by phone from Nairobi.
The central bank accepted all of the 3.5 billion shillings ($40.2 million) of bids it received for so-called repos, after offering 3 billion shillings of the securities, said Donald Murgor, a dealer at the Nairobi-based bank today.
Uganda's shilling, which was up 1.3 percent yesterday, retreated 0.1 percent to 2,455.55 per dollar.
"The market is flat as the demand in the market is being offset by inflows resulting from yesterday's bond auction," Ahmed Kalule, the head of currency trading at Bank of Africa Uganda Ltd., said by phone from the capital Kampala. Uganda's central bank sold 95 billion shillings ($38.7 million) of three- year bonds at a yield of 21.09 percent yesterday.
Tanzania's currency weakened for the fourth time in five days, after closing unchanged yesterday, slipping 0.7 percent to 1,595.20. A close at this level would the lowest since Dec. 16.
"There are very little dollar inflows into the market today," Hamis Mwakibete, head of trading at Commercial Bank of Africa Tanzania Ltd., said by phone from the commercial hub of Dar es Salaam.
Source:
Kenya's shilling snapped two days of losses against the dollar after the country's central bank sold repurchase agreements to curb shilling supply.
The currency of East Africa's largest economy strengthened 0.9 percent to 86.90 per dollar 4:23 p.m. in Nairobi, the capital, after earlier retreating 1.7 percent, according to data compiled by Bloomberg.
"The strengthening is because of the repurchase agreements and because the Central Bank of Kenya sold dollars in the market for at least the last two days," John Muli, a dealer at African Banking Corp., said by phone from Nairobi.
The central bank accepted all of the 3.5 billion shillings ($40.2 million) of bids it received for so-called repos, after offering 3 billion shillings of the securities, said Donald Murgor, a dealer at the Nairobi-based bank today.
Uganda's shilling, which was up 1.3 percent yesterday, retreated 0.1 percent to 2,455.55 per dollar.
"The market is flat as the demand in the market is being offset by inflows resulting from yesterday's bond auction," Ahmed Kalule, the head of currency trading at Bank of Africa Uganda Ltd., said by phone from the capital Kampala. Uganda's central bank sold 95 billion shillings ($38.7 million) of three- year bonds at a yield of 21.09 percent yesterday.
Tanzania's currency weakened for the fourth time in five days, after closing unchanged yesterday, slipping 0.7 percent to 1,595.20. A close at this level would the lowest since Dec. 16.
"There are very little dollar inflows into the market today," Hamis Mwakibete, head of trading at Commercial Bank of Africa Tanzania Ltd., said by phone from the commercial hub of Dar es Salaam.
Source: