Kenyan shilling resilient amid anti-government protests

The Kenyan shilling has shown remarkable stability in the face of recent anti-government demonstrations that have rocked the nation. Despite widespread protests and calls for President William Ruto's resignation, the currency has even seen a slight strengthening, thanks to increased foreign currency inflows from tea exporters and Kenyan diaspora remittances.

As of 0840 GMT on Wednesday, commercial banks quoted the shilling at 128.25/129.025 per dollar, marking a positive shift from the previous day's rates. This unexpected resilience has surprised traders, who are closely monitoring the situation amidst ongoing protests that could potentially impact trading activities.

On Tuesday, clashes between riot police and protesters erupted in various parts of Kenya, reflecting public discontent over proposed tax hikes. Despite the unrest, the shilling's performance has defied expectations, highlighting its strength in uncertain times.

While political tensions continue to simmer in Kenya, the stability of the Kenyan shilling offers a glimmer of hope amidst the chaos. Traders remain cautious but optimistic about the currency's resilience, emphasizing the importance of monitoring developments closely. The ability of the shilling to weather turbulent times underscores its significance in the country's economic landscape.