Shilling weakens, shares fall as Kenya Airways dips

NAIROBI, KENYA: The shilling weakened on Monday after banks bought dollars to cover short positions, traders said. At the close of trade, commercial banks quoted the shilling at 88.20/88.30 to the dollar, from 88.05/88.15 on Friday.

The shilling has been supported by tighter conditions on the interbank market, where the weighted average lending rate rose to 11.9492 per cent on Friday from about 7.5 per cent in mid-July.