Kenya's Shilling Gains, Leading East African Currency Rallyby
Nation's high-yielding debt securities attracting investors
Ugandan, Tanzanian currencies heading for weekly advance
Kenya’s shilling headed for a fourth weekly advance against the dollar, leading gains in East African currencies as the region’s high-yielding debt assets attracted investors.
The currency of East Africa’s biggest economy was little changed at 102.15 per dollar by 1:21 p.m. in the capital, Nairobi. The currency strengthened 0.4 percent his week, a fourth straight five-day advance. Yields on 91-day Treasury bills climbed to 22.49 percent at an auction on Wednesday, from 22.13 percent at the previous sale.
“The continued rise in interest rates on government securities such as T-bills are attracting foreign-investor flows,” Joshua Anene, a senior analyst at Nairobi-based Commercial Bank of Africa, said by phone. “We expect the shilling to continue gaining between now and November.”
Uganda’s shilling strengthened 1.2 percent to 3.582.5 per dollar, heading for a third weekly gain, while Tanzania’s shilling climbed 0.5 percent to 2,170, set for its first weekly advance in four.