NAIROBI: Kenya’s shilling weakened on Friday to touch a new record low due to increased demand for dollars from oil companies, traders said.

At 0727 GMT, commercial banks quoted the shilling at 116.40/60 per dollar, compared with Thursday’s close of 116.30/50. Earlier on Friday, it touched 116.45/65, a fresh all-time low, according to Refinitiv data.

Kenyan shilling eases due to increased importer dollar demand

The shilling is down 2.9% against the dollar so far this year.