Investors in rare panic mode as shilling hits 91 to the US dollar

The shilling weakened slightly yesterday to lows last seen more than three years ago and traders said the slide was prompting more demand for dollars from businesses wary of a further dip.

“The significant thing to note here is we have broken the 91 level (to the dollar),” said Nahashon Mungai, a trader at Kenya Commercial Bank. “The sentiment has already shifted for a weaker shilling.”