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The shilling weakened yesterday, reversing the gains it made a day ago but traders said it was likely to come under pressure in the days ahead due to the end-month demand for dollars from importers. Commercial banks posted the shilling at 98.65/75 per dollar in early trade, versus Wednesday’s close of 98.35/45.
“It looks like we’re reversing yesterday’s (Wednesday) gain, purely on the back of a build-up in corporate demand. A lot of players who missed the move yesterday came into the market today and wanted to buy,” said a trader at a major commercial bank in Kenya.
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