Kenya's shilling hits new record low

The Kenyan shilling dropped to a new record low against the dollar on Wednesday, dragged down by demand for hard currencies from importers who are getting back into business after the state started to ease coronavirus lockdown measures.

Traders said the shilling was trading at 108.20 per dollar in the afternoon, lower than its morning level of 107.75/95, and well below its previous all-time low hit in 2011.

“The shilling is literally crashing,” said a market participant who did not wish to be named.