The Kenyan shilling remained stable at 129.20/45 as of Wednesday, with traders predicting potential gains due to inflows from the Kenyan Diaspora. Analysts believe these remittances could strengthen the shilling in the coming days.
As of Wednesday, the Kenyan shilling has shown stability, holding its value against major currencies. Traders anticipate that this trend may continue with projected inflows from the Kenyan Diaspora, which could potentially strengthen the currency. At 0825 GMT, commercial banks reported the shilling’s exchange rate at 129.20/45, consistent with the value recorded at Tuesday’s closing.
The stability of the shilling is attributed to various factors, particularly the expected financial contributions from Kenyans living abroad. These diaspora remittances are significant as they generally provide a boost to the local economy and, in turn, support the currency’s value against foreign currencies. Analysts suggest that continued engagement of the diaspora may contribute positively to the broader economic landscape of Kenya.
The Kenyan shilling remains stable, with expectations for potential appreciation due to inflows from the diaspora. As the exchange rate holds steady at 129.20/45, ongoing remittances could bolster the currency and improve the economy. The situation will require monitoring to assess the long-term impacts of these diaspora contributions.
Original Source: www.marketscreener.com
