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Markets

Kenyan shilling weakens as players beef up positions

At 0852 GMT, commercial banks quoted the shilling at 106.30/50 per dollar, compared with 106.20/40 at Friday's clos
06 Apr 2020
  • At 0852 GMT, commercial banks quoted the shilling at 106.30/50 per dollar, compared with 106.20/40 at Friday's close.

NAIROBI: The Kenyan shilling was under pressure on Monday due to dollar demand from commercial banks and importers beefing up their hard currency positions amid economic uncertainty caused by the coronavirus outbreak, traders said.

At 0852 GMT, commercial banks quoted the shilling at 106.30/50 per dollar, compared with 106.20/40 at Friday's close.

"Demand (from importers) will slow down but cash is king and everybody is running for safe cover to hold their money in dollars," said a senior trader from one commercial bank.