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Kenyan shilling weaker on dollar demand

Kenya’s shilling was flat at three-year lows yesterday but traders were anticipating a weakening bias for the local currency with energy companies seeking to buy dollars.

Oil dealers buy dollars in the local market, which are used to pay for petroleum products like petrol. At 10.30am, commercial banks quoted the shilling at 93.40/50, unchanged from Thursday’s close and stuck at levels last seen in November 2011.

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