Kenyan shilling weakens on dollar demand from oil importers

NAIROBI: Kenya’s shilling weakened on Thursday due to increased dollar demand from oil importers and a strengthening of the dollar globally, traders said.

At 0706 GMT, commercial banks quoted the shilling at 120.55/75 per dollar, compared with Wednesday’s close of 120.30/50.

The shilling is trading at an all-time low, according to Refinitiv data.

Kenyan shilling extends slide on month-end dollar demand

Traders said the shilling’s latest record low was partly linked to the US Federal Reserve hiking its benchmark interest rate by 75 basis points on Wednesday, which has lifted the dollar globally.