The Kenyan Shilling appreciated by 0.6% against the US Dollar during November a move that has been credited to the Kenyan Supreme Court decision that upheld the reelection of President Uhuru Kenyatta. The shilling traded at KSH103.8 in October which dropped to KSH103.1 in November marked by the herein mentioned appreciation.
According to a renowned investment company in Kenya, Cytonn Investments Limited, the appreciation of the shilling for the month of November was primarily due to increased foreign investor inflows into the equities market and primary bond auction, following a relatively peaceful election period.
According to a report the company released, it is expected to maintain that same trend due to the expected calm and peace in the country, the weakening of the USD in the global markets and the CBK’s activity ensuring there are sufficient forex reserves.
The reelection and swearing in of Kenya’s President Uhuru Kenyatta have increased the confidence of foreign investors which has, in turn, served as a motivator and strengthener of the Kenyan Shilling against major currencies in the market.