The Kenyan shilling was stable on Wednesday and traders said it could strengthen due to subdued dollar demand from importers and higher remittances.
Higher remittances support shilling
Hard currencies sent back home Kenyans living abroad, known as remittances, rose 6.3 percent last month from May to $156 million, the central bank said on Tuesday.
A teller counts Kenya shilling notes inside the cashier's booth at a forex exchange bureau in Kenya's capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya
"Every other month, inflows from diaspora in the form of remittances seem to be reaching new levels," said a trader from a commercial bank.
At 0614 GMT, commercial banks quoted the shilling at 101.30/40 to the dollar, unchanged from Tuesday's close.
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