Kenyan shilling stable; to weaken due to increased importer demand

NAIROBI: Kenya’s shilling was steady on Friday, but traders said it was expected to weaken due to increased demand for dollars from oil retailing companies and general goods importers.

At 0755 GMT, commercial banks quoted the shilling at 124.30/50 per dollar, compared with Thursday’s close of 124.25/45.

The shilling, which hit a series of new lows during last year and whose trend has continued this year, touched a fresh low of 124.35/55 on Friday before recovering some losses.

Kenyan shilling weakens, oil companies exert pressure

Technical analysis of its 14-day and 50-day simple moving averages shows the shilling is expected to keep weakening in the near term.