The Kenyan shilling displayed resilience on July 22, 2025, maintaining a stable position versus key global currencies. According to mid‑week central bank data, one U.S. dollar fetched approximately Ksh 129.20, a negligible move from the previous session and reflective of the currency’s narrow trading range in recent weeks.
This price point effectively mirrors an exchange band between Ksh 129.00 and Ksh 129.40, typical of the shoebox stability that has characterised the shilling’s 2025 trajectory.
The U.S. dollar remained essentially unchanged at Ksh 129.20 through July 22, maintaining consistency in the face of moderate demand for foreign exchange from importers and corporates.
Traders attributed this stability to balanced inward remittances especially from the diaspora and steady export receipts from agriculture and horticulture, which continue to underpin Kenya’s FX position.
Elsewhere, indicators show little movement against the British pound, euro and other global units. XE mid‑market pricing on August 3 suggests a broader range for 1 USD at Ksh 129.36, 1 EUR at roughly Ksh 149.91 and 1 GBP trading at approximately Ksh 171.78, reflecting similarly tight bandwidths around those benchmarks.
These rates further confirm that although minor fluctuations occur, the shilling has performed with remarkable steadiness across major currencies in recent months.
This string of stability comes after the currency briefly flirted with extremes earlier in 2025. The highest USD/KES rate observed was Ksh 129.85 on April 21, while the lowest recorded level was Ksh 128.50 on March 7 both still within a narrow annual trading spread.
Economists see this modest and steady performance as a sign of foreign currency inflows balancing competitive import pressures. Central Bank oversight appears to have played a moderating role, as authorities continue cautious interventions to support reserves without distorting market signals.
Looking ahead, major drivers for the shilling’s trajectory include export receipts particularly from tea, coffee and flower shipments tourism earnings and diaspora remittances.
Meanwhile, external threats such as geopolitical shocks, elevated global energy prices, or aggressive dollar tightening could test the shilling’s narrow trading band.
For businesses, importers, and foreign exchange consumers, the current period offers predictable rates and manageable risk. However, continuation of macro stability will depend on sustained FX accumulation and disciplined policy calibration. As Kenya navigates global headwinds and local fiscal pressures, the shilling’s ability to remain anchored yet responsive could be critical in preserving economic equilibrium.
Written By Ian Maleve
