Shilling weakens on energy demand
Business
By
Jevans N. Miyungu
| Jun 20, 2015
The shilling was weaker Friday on rising dollar demand from the energy sector, and traders were wary of a possible intervention by the central bank as the local currency lost ground. At 0815 GMT, commercial banks quoted the shilling at 98.40/60 to the dollar, from Thursday’s close of 98.10/30.
“Today it’s still weakening. For the past two days there’s been quite some demand from the energy sector and oil importers, which is pushing it up (weaker),” a senior trader at one bank said. Traders said the next level they were watching was 98.50 which they feel could prompt the sale of dollars by the central bank to keep it from weakening further. —Reuters
- Nassir's quest to levy trucks inside the port run into headwinds
- Embattled VC Kiama vows to stay put despite council pressure
- Black market to thrive as Ruto tax plan suffers blow
- Fresh plan to privatise 200 state agencies