Kenyan shilling under pressure amid increased dollar demand

NAIROBI: The Kenyan shilling was under pressure against the dollar on Thursday, with low overnight borrowing rates in the money markets triggering increased demand for dollars among banks to meet liquidity thresholds, traders said.

At 0830 GMT, commercial banks quoted the shilling at 101.10/30 per dollar, compared with 101.00/20 at Wednesday's close.

The weighted average interest rate on the overnight borrowing market slid to 4.4854 percent on Tuesday from 4.6244 percent the previous day.