NAIROBI (Reuters) - The Kenyan shilling traded little changed on Tuesday but looked vulnerable to pressure from foreign investors selling local stocks and demand for dollars from importers.
By 0723 GMT, commercial banks quoted the shilling at 85.75/85 per dollar per dollar, barely changed from Monday's close of 85.65/85.
"The shilling is weakening following the sell-off on the stock market. There are signs of importers coming in to buy dollars," said Sheikh Mehran, a senior trader at Kenya Commercial Bank.
The shilling has fallen 1 percent since June 6 as foreign investors took profits from a 20 percent rally in stocks this year. The currency is still up 0.7 percent against the dollar so far in 2013.
Kenya's finance minister said on Thursday that East Africa's largest economy planned to reintroduce a tax on capital gains, a move analysts say could deter foreign investors and put pressure on the shilling.
Traders said the shilling was also tracking weaker emerging markets due to uncertainty surrounding central bank monetary stimulus programs.
Source: http://news.yahoo.com/kenya-shilling-flat-vulnerable-investors-exit-stocks-075457419.html
emmys emmys Kanye West sex tape torrey smith torrey smith oakland raiders Jessica Lange
No comments:
Post a Comment