The Kenya shilling gained slight ground yesterday as traders said they were watching political developments after President Uhuru Kenyatta was declared winner in elections last week that the Opposition has challenged.
Commercial banks quoted the shilling at 103.80/90 to the dollar, compared with Friday’s close of 103.90/104.
The Central Bank of Kenya indicative rate meanwhile also firmed slightly, to 103.87 units from 103.89 on Friday.
Opposition leader Raila Odinga on Sunday called for a one-day strike to take place yesterday to protest action taken by security forces to crush dissent by supporters backing his claim to the presidency. Mr Odinga has promised to announce a new strategy today.
The shilling was under pressure last week due to the market uncertainty caused by the General Election, but was supported
by the tight liquidity in the market and reported dollar sales by the regulator.
Traders said dollar demand might pick up during the week as businesses look to resume normal operations after the polls.