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Kenya’s Shilling Strengthens, Snapping Three-Day Losing Streak

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June 27 (Bloomberg) -- Kenya’s shilling snapped a three-day losing streak, gaining the most in a week, as the central bank tightened liquidity in the market.

The currency of East Africa’s largest economy appreciated as much as 0.5 percent and strengthened 0.2 percent to 84 against the dollar by 2:47 p.m. in Nairobi. That’s the biggest one-day gain on a closing basis since June 20.

“The shilling has gained as the central bank resumes its operation of removing liquidity from the market,” John Muli a dealer at Nairobi-based African Banking Corp., said in a phone interview today.

Kenya’s central bank, which had stayed out of the market for five days, accepted all 6.55 billion shillings ($78 million) of bids for seven-day repurchase agreements and term-auction deposits at a sale today, said a central bank official, who declined to be identified in line with policy. The bank accepted bids for 3.6 billion shillings of seven-day repurchase agreements at a weighted-average rate of 17.733 percent and 2.95 billion shillings of 14-, 21- and 28-day TADs at a rate of 18 percent, the official said. The bank offered 10 billion shillings.

Tanzania’s shilling gained 0.3 percent to 1,576 per dollar, while Uganda’s shilling weakened 0.2 percent to 2,475 per dollar.

To contact the reporter on this story: Johnstone Ole Turana in Nairobi at jturana@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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