Kenyan shilling hits new all-time low; to ease due to importer demand

NAIROBI: Kenya’s shilling hit a new all-time low on Tuesday and was expected to weaken further due to increase demand from oil companies and general importers, traders said.

At 0824 GMT, commercial banks quoted the shilling at 114.40/60 per dollar, compared with Monday’s closing rate of 114.35/55. Its present level is a record low, according to Refinitiv data.

Kenya shilling weakens on dividend payments, at new all-time low

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