Kenyan shilling stable; seen weakening on higher importer FX demand

NAIROBI: Kenya’s shilling was stable on Wednesday and traders said they expected it to weaken during the session due to a general increase in demand for dollars from diverse importers.

At 0729 GMT, commercial banks quoted the shilling at 148.40/60 per dollar, the same as Tuesday’s closing rate. Earlier in the session, it briefly touched 148.45/65, a fresh all-time low, according to LSEG data.

Traders said the shilling will remain under sustained pressure as those buying dollars were constantly in the market in anticipation of the shilling weakening further in the days ahead.