Kenya's shilling remained stable against the U.S. dollar on Wednesday, matching Tuesday's exchange rate.

Kenya's shilling remained stable against the U.S. dollar on Wednesday, maintaining the same exchange rate as the previous day, according to data from LSEG. At 0807 GMT, the shilling was trading at 129.00/130.00 per dollar, reflecting no change from Tuesday's closing rate.

The Central Bank of Kenya announced a reduction in its benchmark lending rate on Tuesday, lowering it to 12.75% from the previous 13.00%. This decision was attributed to the central bank's assessment that there was room to gradually ease monetary policy, especially as inflation had fallen below the midpoint of the target range.

The stability of the shilling, combined with the central bank's cautious approach to monetary policy, indicates a favorable economic environment for the Kenyan currency amidst global financial fluctuations. The central bank's move aims to stimulate economic activity by making borrowing slightly cheaper while keeping inflation under control.