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Kenyan shilling weakens on increased end-month demand for dollars by importers

NEWS
By Reuters | June 30th 2015
By Reuters | June 30th 2015
NEWS

The shilling edged down yesterday, weighed down by importers buying dollars to meet their end month requirements.

Commercial banks posted the shilling at 98.60/70, down from Friday’s close of 98.40/50.

“It will remain around these levels because of dollar demand for end month,” said a trader with a commercial bank.

Manufacturers normally buy dollars at the end of the month to pay for their orders from abroad.

The shilling has been under pressure from the dollar this year, mainly due to a gaping current account deficit that has been worsened by sluggish earnings from tourism due to a spate of attacks, blamed on Islamist militants from neighbouring Somalia.

The local currency is down 9 per cent against the dollar so far this year.

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