Exchange Rates for Commercial Banks in Kenya Today

The exchange rate is the price of a unit of foreign currency in terms of domestic currency typically quoted against the US dollar (USD), as it is the most traded currency globally, and other floating currencies like the Euro and the British Pound Sterling, whose prices go up and down according to how the currency trades on forex markets.

For economies like Kenya, the foreign exchange rate is an important economic variable showing how the country is coping with global economic activities, inflation, and the nation’s balance of payments with the changes in the value of the Kenyan Shilling.

Each week, the Central Bank of Kenya (CBK) releases bilateral exchange rate data indicating the average nominal value of one US dollar relative to the Kenyan Shilling. This exchange rate report shows how the shilling traded against all other major currencies in a particular week.

Foreign exchange rates CBK – February 2024

Released date: Feb 16
In the past week, the Kenyan shilling gained significantly and proved stronger in terms of its weighted average against a basket of currencies, including the US dollar.

On Wednesday, Feb 14, it was selling at Ksh156.70 per one USD, Ksh153.20/USD on Thursday up to Friday when CBK reported that the exchange rate in most commercial banks averaged Ksh142.9185/USD that week.

Here;

Advertisement