Kenya’s shilling headed for a six-month high against the dollar after the country’s Supreme Court upheld the presidential election victory of Uhuru Kenyatta and his challenger accepted the ruling.
The currency of East Africa’s biggest economy advanced 0.5 percent to 84.90 per dollar by 9:11 a.m. in the capital, Nairobi, heading for its strongest close since Oct. 9, according to data compiled by Bloomberg.
Kenya’s six-judge Supreme Court on March 30 unanimously confirmed that Kenyatta “fairly” won the March 4 vote, rejecting a petition from runner-up Raila Odinga that said the electoral process had been marred by irregularities and fraud.
“Because the petition ruling has gone very smoothly there is some confidence in the market and we will see some strengthening for a few days,” Vimal Parmar, head of sub- Saharan Africa research at Nairobi-based Burbidge Capital Ltd., said by phone.
Uganda’s currency declined 0.2 percent to 2,595 per dollar, while Tanzania’s fell 0.3 percent to 1,620.50 a dollar.
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