Shilling stays at three-year low, seen weakening

The shilling hovered at a three-year low on Friday and could face renewed pressure next week as companies seek dollars to meet payments due at the end of the month, while shares closed marginally higher.

At the 1300 GMT close, banks quoted the shilling at 91.45/55, the same level as Thursday’s finish and off a session low of 91.50/60. “We expect the shilling to continue losing to the dollar as it slides towards 92.00,” said a trader at one commercial bank.