Kenyan Shilling Defies Rising US Interest Rates

The Kenyan shilling has shown resilience against the US dollar despite rising interest rates in the United States, according to the latest data from the Central Bank of Kenya (CBK).

The CBK reported that the shilling traded at about KSh129.61 against the dollar on September 17, up from KSh129.45 a week earlier.

The stability of the shilling is attributed to healthy foreign exchange reserves, which stood at USD 15.09 billion as of September 17, equivalent to 6.1 months of import cover and comfortably above the CBK's statutory requirement of at least four months.

The US dollar has strengthened globally due to rising interest rates in the United States, but this has not had a significant impact on the Kenyan shilling.