- The Central Bank of Kenya (CBK) report indicated stability in the value of the shilling against major international currencies in the past months
- Kenya shilling remained stable in the last week of October 2024, trading at KSh 129.20 per US dollar
- The US currency recorded a slump against other players in the forex market for the last couple of weeks towards the November 5 elections
- FXPesa market analyst Rufas Kamau explained to TUKO.co.ke that the shilling will continue to stabilise in the coming months
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TUKO.co.ke journalist Wycliffe Musalia has over five years of experience in financial, business, and technology reporting and offers deep insights into Kenyan and global economic trends.
Kenya shilling has maintained a month-long stability against major international and regional currencies for the past months.
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Data from the Central Bank of Kenya indicated that the shilling remained stable, trading at KSh 129.20 per US dollar in the last week of October 2024.
Why Kenya shilling remains stable
This came as the greenback posted a decline in the last six weeks, following the November 5, US election fears.
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According to Bloomberg, the US dollar fell below its peers, including the Sterling Pound and Euro.
This resulted in significant growth in the value of the Kenya shilling, which has been gaining strength recently.
Market analyst at FXPesa Kenya Rufas Kamau explained to TUKO.co.ke that the shilling will continue to stabilise.
“Kenya shilling outlook seems stable. As the US dollar registered a downfall, investors will begin rotating towards emerging and frontier markets. Kenya stands to gain from this shift due to its strong currency,” said Rufas.
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CBK attributed the shilling’s stability to adequate foreign currency reserves, which grew to $8,586 million as of October 31 from $8,186 million on October 3.
How Kenya shilling performed in October 2024
The table below indicates how the shilling performed against the US dollar, Sterling Pound, Euro, Japanese Yen and regional peers.
| Date/KSh rate | US dollar | Pound | Euro | Yen | UGSh | TSh | RwandeseFranc | BurundiFranc |
| October 18 | 129.21 | 168.25 | 140.05 | 86.25 | 28.44 | 21.09 | 10.51 | 22.51 |
| October 22 | 129.21 | 168.00 | 139.82 | 85.63 | 28.37 | 21.09 | 10.45 | 22.47 |
| October 23 | 129.18 | 167.84 | 139.58 | 84.95 | 28.37 | 21.09 | 10.47 | 22.48 |
| October 24 | 129.20 | 167.02 | 139.41 | 84.85 | 28.38 | 21.09 | 10.46 | 22.48 |
| Week/Oct 18-24 | 129.20 | 167.78 | 139.71 | 85.42 | 28.39 | 21.09 | 10.47 | 22.48 |
| October 25 | 129.20 | 167.50 | 139.81 | 85.23 | 28.39 | 21.09 | 10.47 | 22.48 |
| October 28 | 129.20 | 167.83 | 139.95 | 84.97 | 28.39 | 21.09 | 10.48 | 22.48 |
| October 29 | 129.20 | 167.81 | 139.80 | 84.59 | 28.37 | 21.09 | 10.48 | 22.48 |
| October 30 | 129.20 | 167.95 | 139.75 | 84.30 | 28.37 | 21.09 | 10.49 | 22.49 |
| Week/Oct 22-31 | 129.20 | 167.68 | 139.90 | 84.71 | 28.37 | 21.08 | 10.48 | 22.48 |
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How Kenya shilling performed in September 2024
CBK reported that the shilling traded at 129.30 against the US dollar in September 2024.
In its weekly bulletin, the regulator noted that Kenya’s foreign exchange reserves remained adequate and met the bank’s threshold of four months of import cover.
A report by the Controller of Budget (CoB) showed that the strength of the shilling saved Kenya from rising dollar-denominated external debt.
Source: TUKO.co.ke
