Daily Market Update
MARKET UPDATE FOR 23rd April 2025
LOCAL MARKET
USD/KES
Kenya’s shilling was broadly stable against the dollar on Tuesday with foreign exchange supply and demand evenly matched.
Expected range today is 127.50 -132.50
| INDICATIVE FOREX RATES | ||||
| CROSS RATES | AGAINST KES | |||
| USD | 127.50 | 132.50 | ||
| GBP | 1.3151 | 1.3556 | 167.68 | 179.62 |
| EUR | 1.1228 | 1.1530 | 143.16 | 152.77 |
| JPY | 140.58 | 143.63 | 0.8877 | 0.9425 |
| ZAR | 17.080 | 20.093 | 6.35 | 7.76 |
| CHF | 0.8184 | 0.8289 | 153.82 | 161.90 |
| CAD | 1.3783 | 1.3886 | 91.82 | 96.13 |
| KES/UGX | 3608 | 3718 | 27.23 | 29.16 |
| KES/TZS | 2590 | 2760 | 19.55 | 21.65 |
MONEY MARKET
CBK analysis on Tuesday showed excess liquidity in the market. The regulator was therefore in the market to mop up Kes 80Bn in 1, 6 and 13 day repo in order to remain within the monetary policy path set by the MPC.
| LOCAL MONEY MARKET | |||
| TREASURY BILLS AND BONDS (MIO KES) | |||
| Tenor | 91-day | 182-day | 364-day |
| Amount Offered | 4,000.00 | 10,000.00 | 10,000.00 |
| Bids Received | 2,088.89 | 8,802.62 | 27,527.83 |
| Amount Accepted | 2,083.36 | 7,710.37 | 26,569.53 |
| Current Rate | 8.4699% | 8.7585% | 10.0712% |
| Previous Rate | 8.5006% | 8.8941% | 10.2319% |
GLOBAL MARKETS
Most Asian stocks rose sharply on Wednesday, tracking an overnight rally on Wall Street after U.S. President Donald Trump flagged an eventual lowering in steep trade tariffs against China. The DXY rose to 99.25
The EUR/USD attracts some follow-through selling for the second straight day on Wednesday and drops to a one-week low during the Asian session. Spot prices rebound a few pips from the 1.1300 neighborhood and currently trade around the 1.1380 region, still down over 0.35% for the day. The USD builds on the overnight bounce from the vicinity of a three-year low touched on Monday.
The GBP/USD extended its losses during Wednesday’s Asian session, trading around 1.3300 after pulling back from a seven-month high of 1.3424 recorded in the previous session. The pair weakened as investor appetite shifted back toward US assets, including the USD, buoyed by a more optimistic tone from Trump. The GBP remains under pressure as investors grow more cautious about the BoE monetary policy outlook.
Source: Reuters
| LOCAL AND INTERNATIONAL BENCHMARK RATES | |||
| Local Inflation | 3.6% | ||
| KES CBR | 10.00% | ||
| GBP BOE RATE | 4.50% | ||
| EUR ECB RATE | 2.90% | ||
| USD FED RATE | 4.50% | ||
| SOFR O/N RATE | 4.42%, 2.415%, 4.4565% | ||
| BRENT OIL ($/BARREL) | 68.24 | ||
| MURBAN CRUDE ($/BARREL) | 64.41 | ||
For firm quotes and more information on other treasury products kindly contact our treasury team
Treasury team: Milton Onyuna, Martin Githinji, Lorna Kageni, Musa Ongori,
Dennis Ingolo, Elizabeth Kiarie, Brian Gachanja and Oliver Kilonzo.
Telephone Contacts: 020 3275 XXX; EXT.244/558/257/185/378/245/221/526
Mobile Lines: 0703 058 XXX; EXT.244/558/257/185/378/245/221/526
Email: dealing@boakenya.com
Disclaimer
Whilst every care has been taken in compiling this market update, the Bank will not be responsible for any and shall be exempt from all liabilities in respect of any loss of any kind whatsoever, incurred by any persons as a consequence of relying on the above information or otherwise.