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The shilling weakened to new three-year lows yesterday on dollar demand by importers but tight liquidity in the money markets kept it from falling even further.
Banks quoted the shilling at 97.65/75 to the dollar - a new low last touched in November 2011 - compared with Friday’s close of 97.40/50. Traders said there was tight liquidity arising from payments being made in local currency for Treasury bonds and bills that were auctioned last week.
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