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100.24 <sup>USD</sup> 128.46 <sup>GBP</sup> 113.33 <sup>EUR</sup> 36.66 <sup>UGX</sup> 23.24 <sup>TZS</sup>USD : 0.00
|South African Rand||7.06||7.09|
|Hong Kong Dollar||12.76||12.79|
|Saudi Arabian Riyal||26.70||26.76|
The above forex rates are from the Central Bank of Kenya (CBK), they are compiled and updated daily on this page and they are also available on the CBK website. Central banks world wide are major players in local and international currency markets as part of their monetary policy role as such, the CBK overseas the state of the forex market in Kenya and . These rates are meant to provide a picture of the performance of the Kenya Shilling in the local and international currency markets at the start of the business day in the capital, Nairobi.
These rates are only indicative and are not not tradeable meaning that an individual cannot buy currencies at the CBK using these rates or any other rates.
For retail customers, the forex bureaus generally provide the best forex rates for cash purchases. Different bureaus provide different rates so it is always a good idea to check with at least 2 bureaus before your transaction. In addition, rates are negotiable too and you may be able to get a better rate than advertised.
Commercial banks too provide foreign exchange services, for retail services they may not be as competitive as the forex bureaus for small transactions, they are much more competitive for large transactions offering even additional services on top of the exchange.
There is no 'stock exchange' for the foreign exchange market. It is completely decentralised, consisting of all sizes of local and international sellers and buyers. The prices are set by a number of factors ranging from currency demand/supply, government regulation, speculation and many others. It is the largest market with over 6 trillion dollars of transactions a day, equating to one third of the size of the US economy.
Each dealer/participant in the market buys a currency at the 'BUY' price and sells it at the 'SELL' price making a profit from the 'spread' in the two prices. For example, a forex bureau will buy a US Dollar from a dollar at KSh 98 and sell the same dollar to a Kenyan business man at KSh 103 making a profit of KSh 5 in the transaction.
Forex trading is mainly done by professional institutions, brokers and dealers. However, many members of the public both locally in Kenya and internationally participate in the market through online broker systems. It is attractive because of the spectacular returns from high leverages but similary the losses have caused total financial ruin to many.