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Kenya’s central bank sold foreign exchange on Wednesday to support the shilling after it weakened to more than 101 to the dollar, traders said.
“Once it was above 101, they came selling. But they are selling small (quantities),” one trader at a commercial bank told Reuters.
By 0945 GMT, the shilling was quoted at 100.90/101.10, compared to 100.80/90 at Tuesday’s close. Traders said the rise in global oil prices had put pressure on Kenya’s currency in the previous session because of concerns it would lead to a higher fuel import bill.
The central bank does not usually comment on any intervention.
