Daily Market Update
MARKET UPDATE FOR 4th December 2025
LOCAL MARKET
USD/KES
The Kenya shilling was stable against the dollar on Wednesday, market data showed.
Expected range today is 127.00 -132.00
| INDICATIVE FOREX RATES | ||||
| CROSS RATES | AGAINST KES | |||
| USD | 127.00 | 132.00 | ||
| GBP | 1.2179 | 1.3584 | 167.37 | 179.31 |
| EUR | 1.1507 | 1.1808 | 146.14 | 155.87 |
| JPY | 153.96 | 156.97 | 0.8091 | 0.8574 |
| ZAR | 15.557 | 18.567 | 6.84 | 8.49 |
| CHF | 0.7956 | 0.8060 | 157.57 | 165.91 |
| CAD | 1.3909 | 1.4010 | 90.65 | 94.90 |
| KES/UGX | 3490 | 3600 | 26.44 | 28.35 |
| KES/TZS | 2350 | 2525 | 17.80 | 19.88 |
MONEY MARKET
CBK analysis on Wednesday showed excess liquidity in the market. The regulator was in the market for Kes 100Bn in 1 and 7 days TAD 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 | 17943.16 | 515.21 | 26,354.15 |
| Amount Accepted | 17938.26 | 515.21 | 26,350.23 |
| Current Rate | 7.7789% | 7.8000% | 9.3759% |
| Previous Rate | 7.7803% | 7.8000% | 9.3759% |
GLOBAL MARKETS
Japan’s Nikkei share average extended gains on Thursday, with robot makers leading the charge on renewed bets of growth in robotics platforms.
The EUR/USD surges over 0.40% on Wednesday after economic data in the US reinforced bets that the Federal Reserve would cut rates at the December 9-10 meeting. The pair trades at 1.1668 after bouncing off daily lows of 1.1617. The Dollar extended its losses as employment data revealed that private companies cut jobs at the fastest pace since 2023, revealed an ADP report. Given the backdrop, money markets priced in a 90% probability of a 25-basis point (bps) rate cut, next week.
The GBP/USD loses ground to around 1.3330 during the Asian trading hours on Thursday. The major pair retreats from nearly a two-month high amid renewed US Dollar (USD) demand. However, the rising bets of a Federal Reserve (Fed) rate cut next week might cap its downside. Traders will take more cues from the US weekly Initial Jobless Claims report later on Thursday. The UK Autumn November budget has reinforced bets for a December rate cut from the Bank of England (BoE), which could weigh on the Cable.
Source: Reuters
| LOCAL AND INTERNATIONAL BENCHMARK RATES | |||
| Local Inflation | 4.5% | ||
| KES CBR | 9.25% | ||
| GBP BOE RATE | 4.00% | ||
| EUR ECB RATE | 2.15% | ||
| USD FED RATE | 4.00% | ||
| SOFR O/N RATE | 4.12%, 1.930%, 3.9702% | ||
| BRENT OIL ($/BARREL) | 62.94 | ||
| MURBAN CRUDE ($/BARREL) | 59.27 | ||
For firm quotes and more information on other treasury products kindly contact our treasury team
Treasury team: Milton Onyuna, Martin Githinji, Calvince Amallah, Elizabeth Kiarie, Dennis Ingolo and Oliver Kilonzo.
Telephone Contacts: 020 3275 XXX; EXT.244/558/526/221/245/378
Mobile Lines: 0703 058 XXX; EXT.244/558/526/221/245/378
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.