The local currency got off to a lackluster start against the dollar for the month, with traders expecting a range bound trading in the absence of any major market moving event. Trading was in the range 3725/35.
In Kenya, the shilling weakened and touched record lows as the markets were cautious on the introduction of G to G oil import deal and its implication on the forex market. The unit was quoted at 136.33.
In the global markets, the major e economic event was the Federal Reserve delivering a quarter percentage rate hike that was widely expected. The MPC statement was interpreted as a door opener to a pause to the aggressive tightening cycle. On another factor, markets were risk averse on signs of stress as another US regional bank got in trouble.
Going forward, the current lethargic state of the forex market is likely to hold as demand remains depressed.
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