The Kenyan shilling appreciated to 103.25/45 against the dollar on Thursday, its highest level since June 21, after National Super Alliance(NASA) leader Raila Odinga on Wednesday said that he would challenge the outcome of last week's presidential vote in court, traders said.
Kenyan shilling rises to 2-month high after Raila Odinga's decision to move to court
The Kenyan shilling firmed to 103.25/45 against the dollar on Thursday, its highest level since June 21.
The shilling had closed at 103.65/75 the previous day.
"If you look at the fundamental and political picture it points to a continuous rally but I don't expect it to go beyond 103," said a trader at a local commercial bank.
Mr. Odinga had on Wednesday said that the opposition would challenge the re-election of Uhuru Kenya in court, just days after indicating that an election petition would not be an option for NASA.
"We had said we will not go court. But with the raid on civil society and determination to silence all voices that could seek legal redress like AFRICOG and the Kenya Human Rights Commission, we have now decided to move to the Supreme Court and lay before the world the making of a computer-generated leadership," Mr Odinga said in a press conference.
A number of people were killed in pockets of protests and a police crackdown that followed the announcement of the final result of the presidential election last Friday. But Odinga's decision to go to court quelled the protests.
Odinga's decision to go to the Supreme Court has cut the political risk associated with the election," said another trader.
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or: