WEEKAHEAD-AFRICA-FX-Kenyan and Ugandan currencies could weaken [Reuters]
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Source: Reuters
WEEKAHEAD-AFRICA-FX-Kenyan and Ugandan currencies could weaken | Reuters Reuters Staff 4 Min Read NAIROBI, June 14 (Reuters) - The Kenyan shilling and Ugandan shilling could come under pressure against the dollar, while the currencies of Tanzania and Ghana are forecast to remain stable. The Kenyan shilling could weaken against the dollar in the coming week because of importer demand triggered by a favourable dollar rate, though inflows from portfolio investors are expected to provide support, traders said. Commercial banks quoted the shilling at 100.95/101.15 per dollar, the same as last Thursday’s close. “Improved inflows from remittances and private equity activity ... I expect the importers who are holding off to come back if it strengthens, so we could see a retracement,” said one senior trader from a commercial bank. The Tanzanian shilling is expected to trade in a tight range against the U.S. dollar in the days ahead, helped by inflows from the mining and agriculture sectors. Co
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