Kenyan shilling slides against dollar on import pressure

2 weeks ago

Focus is on the Central Bank of Kenya as the shilling continued its slide against the US dollar, touching 104 units to the greenback last week.

The market is particularly waiting to see how far the Central Bank of Kenya is willing to support the Shilling through market operations.

Image result for bulk of kenyan shilling

While traders have attributed the depreciation to heavy dollar demand by importers — especially in the oil sector — the regulator blamed speculators for the condition.

The Kenyan currency opened the year at 102.50 to the dollar.

The shilling has also depreciated against the euro, shedding 2.4 per cent of its value since the year began to trade at 109.67. to the euro.

READ ALSO:  Islamic State claims deadly attack on Egyptian soldiers in Sinai

Leave a Comment

Your email address will not be published. Required fields are marked *

Translate »
Menu Title