Kenya Shilling Heads for 7-Month High Before President Sworn InDavid Malingha Doya
Kenya’s shilling headed for the highest in almost seven-months against the dollar a day before the inauguration of the country’s fourth president.
The currency of East Africa’s biggest economy advanced for a second day, gaining 0.2 percent to 84.68 per dollar by 3:45 p.m. in the capital, Nairobi, poised for its strongest close since Sept. 14, according to data compiled by Bloomberg.
“There are positive sentiments on the presidential inauguration,” Julius Kiriinya, a dealer at Nairobi-based African Banking Corp., said by phone. “It is only political sentiments we see as the drivers today.”
Uhuru Kenyatta, the son of Kenya’s first president, Jomo Kenyatta, will be sworn in tomorrow after the Supreme Court dismissed a challenge to the presidential vote outcome by defeated candidate Raila Odinga. The government has declared it a public holiday and markets will be closed.
Uganda’s currency declined less than 0.1 percent to 2,600 per dollar, on track for the weakest close in almost two weeks. The Tanzanian shilling strengthened for a third straight day, gaining less than 0.1 percent to 1,614 per dollar.