Kenya's Shilling Surges 0.8% to 131.42 per Dollar After Central Bank Sells Infrastructure Bonds

Kenya's central bank has sold 19.64 billion shillings worth of 91-day T-bills against a target of 4 billion shillings. Additionally, it sold 1.62 billion shillings worth of 182-day T-bills against a target of 10 billion shillings. The bank also sold 1.68 billion shillings worth of other T-bills. Following these sales, Kenya's shilling surged 0.8% to 131.42 per dollar, marking its biggest gain in eight weeks and its first gain in 14 days. This surge is attributed to the central bank's sale of two infrastructure bonds aimed at boosting dollar inflows. Official rates from the Central Bank of Kenya show the shilling was at 129.99 last week and 132.22 this week. Additionally, Kenya's foreign exchange reserves decreased by USD 98 million this week. The largest advance was since May 30.