Shilling dips slightly, affects interbank market

The shilling saw some volatility in yesterday’s trading as we saw some activity in the corporate market which trickled into the interbank market.

The volatility was however limited to a band of about 5/-. It closed the market at 1,596.27 a US dollar

“Low to moderate level of volatility should be expected,” Standard Chartered Bank said in its daily market report.

Meanwhile, interbank overnight rates trended upward with the highest offer rate at 10.5 per cent while the lowest rate remains artificially at 1.0 per cent.

 There is an increase in volume traded from 19.5bn/- on Thursday to 28.75bn/- recorded yesterday.

The secondary market demand for assets remains high with 5 year paper seeing strong purchase at 13 per cent.
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