Kenyan shilling inches lower on elevated FX demand across sectors

NAIROBI: Kenya’s shilling inched lower against the dollar on Wednesday, traders said, on elevated foreign exchange demand across all sectors of the economy.

At 0904 GMT, commercial banks quoted the shilling at 147.80/148.00 per dollar, compared with Tuesday’s closing rate of 147.70/90.

Kenyan shilling stable; to weaken due to increased importer demand

The local currency, which has lost more than 16% against the dollar since the start of the year, touched a fresh all-time low of 147.85/148.05 earlier on Wednesday, according to LSEG data.