(Nairobi) – The Kenyan shilling maintained its position against the US dollar on Thursday, with foreign exchange inflows from the tourism and tea industries balancing out market demand. At 0647 GMT, the shilling was quoted at 128.50/129.50 to the dollar, unchanged from the previous day’s closing rate, according to data from LSEG.
Traders noted that the influx of forex from Kenya’s key sectors, particularly tourism and tea, has been sufficient to meet the demand for dollars, helping to stabilize the currency. The tourism industry, which has seen a steady flow of international visitors, alongside the tea sector, a significant export earner, has been central in supporting the shilling’s value.
The consistency in foreign exchange flows is expected to continue, as these sectors remain pivotal to the country’s economy.