The Kenyan shilling remained stable against major global currencies on July 24, 2025, trading at approximately KSh 129.20 per US dollar in mid-market foreign exchange markets.
This level reflects a modest 0.08 percent appreciation over the past month and a flat year-on-year movement (+0.04 percent), according to Trading Economics.
Throughout July, the shilling has consistently traded within a narrow band of Ksh 129.20–129.65 per dollar. Specifically, the mid-market rate stood at Ksh 129.20 on July 14, with a high of Ksh 129.25 and low of Ksh 129.20 between July 15 and 22.
Data from ForexForecast.us similarly project the USD/KES rate at around 129.25 for July 24, with daily fluctuations expected in the range of 127.77–130.74.
This steadiness comes after the shilling rallied sharply earlier in the year following the Central Bank of Kenya’s (CBK) interventions and a tightened monetary policy. The CBK’s electronic interbank trading platform and reduced minimum deal sizes improved liquidity, contributing to a six-month high close to Ksh 129.15 in March.
Turning to regional performance, the shilling stood at R1 = Ksh 7.33 versus the South African rand as of July 21 a modest decline from early July’s R1 = Ksh 7.22–7.38 range reflecting broader rand weakness and steady Kenyan currency performance.
Across other currency pairs, the shilling quoted at Ksh 151.16 per euro, Ksh 174.23 per British pound, and Ksh 84.92 per Australian dollar. It also valued at 0.0555 yuan and 0.6656 rupees across the Chinese renminbi and Indian rupee, per Trading Economics.
Market analysts note that the shilling’s durability stems from Kenya’s partial debt repayment on its Eurobond, which bolstered investor sentiment, and ongoing dollar sales by the CBK to cushion importers.Nonetheless, Kenya’s elevated public debt and persistent import demand could trigger volatility if global dollar funding tightens.
For Kenyan businesses and consumers, this stability offers marginal relief in import costs, particularly for fuel and pharmaceuticals. However, exporters are still navigating pricing challenges as strong dollar rates reduce foreign income returns.
Going forward, economists expect the shilling to trade between Ksh 129.0−130.5 per dollar through the rest of Q3, barring fiscal or regional shocks. Sustained CBK interventions and prudent debt rollovers will be essential to maintaining this equilibrium.
Overall, as of July 24, the Kenyan shilling remains grounded in a narrow trading range, supported by sound policy measures and structural factors even as Kenya’s macroeconomic vulnerabilities loom as potential disruptors.
Written By Ian Maleve
