As of July 31, 2025, the Kenyan shilling exchanged at approximately Ksh 129.50 per US dollar, remaining relatively stable when compared to the previous day’s rate of Ksh 129.35.
This reflects a modest depreciation of roughly 0.12 percent, or about Ksh 0.15, as reported by exchange‑rates.org.
Although direct rates for euro, pound sterling, and other currencies are not published explicitly for this date, historical mid-July data allow a reasonable estimation of the shilling’s position.
In early July, one euro traded at around Ksh 142–144 and the British pound was close to Ksh 164–166. The South African rand exchanged at roughly Ksh 7.30 per rand in late July, a figure confirmed from year-to‑date averages.
Analysts attribute the shilling’s stability to recent moderate dollar inflows from remittances and export receipts, bolstered by disciplined monetary policy by the Central Bank of Kenya under Governor Kamau Thugge, who continues to guard foreign reserves after earlier concerns over overvaluation and diminished import cover.
Improved supply of dollars in the local market, partly from eurobond refinancing proceeds and diaspora remittances, has eased pressure on the shilling.
This environment contrasts with earlier in the year when scarcity and high demand pushed the exchange rate toward Ksh 129.85, considered the peak so far in 2025.
Despite chatter on social media from earlier periods warning of a collapsing currency, the Shilling’s relative firmness as of July 31 indicates that those fears haven’t materialised yet. One Reddit user noted confidence in the shilling amidst renewed forex inflows:
“There is a massive injection of forex into the economy. Whether $£€ right now, there’s more than enough for everyone.”
Still, economic experts caution that without a corresponding boost in export growth and foreign investments, the shilling’s current level may hinge precariously on external flows rather than domestic fundamentals.
At the prevailing rate of Ksh 129.50 per US dollar, the shilling is trading near its average for the year (Ksh 129.33). It is well below the earlier low of around Ksh 128.50 (recorded in March), though still under the year’s high of Ksh 129.85 in April signifying a narrow volatility band within a mostly stable exchange regime.
Consumers and importers may find some relief in the steadier shilling, though the outlook beyond August depends on sustained dollar liquidity and improved export performance. Should demand for US dollars outpace supply, especially from government foreign debt service obligations, upward pressure on the exchange rate could re-emerge.
In summary, on July 31, 2025, the Kenyan shilling held steady at around Ksh 129.50/USD, with the broader currency landscape characterized by firm performance against the rand and hints of resilience versus major global currencies though caution remains over its durability.
Written By Ian Maleve
