NAIROBI: Kenya's shilling hovered around its weakest level in more than three years on Thursday amid continuing corporate demand for dollars.
By 0708 GMT, the shilling was trading at 91.05/25 to the dollar, little changed from Wednesday's close of 91.10/20.
"There is persistent demand with a bit of jitters now we are trading above 91.00," said Duncan Kinuthia, head of trading at Commercial Bank of Africa. "In the absence of any action by the central bank, I guess we are going to gravitate towards 91.50."
The Central Bank of Kenya has intervened on several occasions in recent weeks by selling dollars to the support the currency but the sales have only slowed a steady decline in the shilling.
A spate of militant attacks has hurt the flow of tourist dollars, a major source of revenues for the east African nation, helping drive the shilling lower during 2014.
"Whatever supply (of dollars) comes in will just stall the trend. The trend is basically for a weaker shilling," said another trader, who asked not to be identified.
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