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Kenyan shilling under pressure against the dollar

WORK LIFE
By Reuters | July 23rd 2020

The Kenyan shilling was under pressure on Thursday due to market players from broad sectors of the economy shoring up their dollar reserves after the shilling weakened to an all-time record low during the previous session, traders said.

Commercial banks quoted the shilling at 108.15/35 per dollar, compared with 108.10/30 at Wednesday's close.

"After Wednesday's erratic move, there is some sort of panic buying in the market...buyers from all sectors," said a senior trader from one commercial bank.

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.

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