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NAIROBI: The Kenyan shilling weakened on Thursday to hit a fresh all-time low on the back of dollar demand from some companies preparing to pay 2021 dividends to their offshore shareholders, traders said.

At 0847 GMT commercial banks quoted the shilling at 114.10/30, compared with Wednesday’s close of 114.00/20. Its level is a new record low, according to Refinitiv data.

Technical analysis of the shilling’s 14-day and 50-day weighted moving averages shows it is expected to keep weakening in the short term.

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