NAIROBI, Sept 25 (Reuters) – Kenya’s shilling was steady against the dollar on Wednesday, helped by companies converting foreign currency ahead of quarterly tax payments, traders said.

At 0728 GMT, the shilling traded at 128.50/129.50 to the U.S. dollar, the same as Tuesday’s closing rate, LSEG data showed.

The East African currency strengthened sharply in early 2024 as concerns eased that the government would default on a $2 billion Eurobond that matured in June, but it has remained rangebound since early August.

(Reporting by Sonia Rao; Editing by Alexander Winning)