NAIROBI, April 12 (Reuters) - The Kenyan shilling was broadly stable against the dollar in a quiet market on
Wednesday, traders said.
At 0740 GMT, commercial banks quoted the shilling at
133.60/80, largely unchanged from Tuesday's close.
The shilling has lost 7.8% of its value against the dollar
this year, according to Refinitiv data.
President William Ruto said on Tuesday he expected the local
unit to strengthen to below 120 per dollar in the next couple of
months, citing an oil import deal that will cut demand for
dollars, but some traders said this was unrealistic.
Kenya signed an oil import deal with companies in the United
Arab Emirates and Saudi Arabia last month, putting in place a
longer credit period and altering the structure of the deal to
stagger demand for dollars in the market.
(Reporting by Hereward Holland; Editing by Estelle Shirbon)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.