The Kenyan shilling was little changed on Wednesday, but traders said dollar demand from the oil sector meant its weakening bias was set to resume soon.

At 0810 GMT, the shilling was trading at 120.70/90 against the dollar, the same as Tuesday’s close, Refinitiv data showed.

Kenyan shilling weakens on dollar demand from oil importers

The shilling has repeatedly touched new lows against the US currency this year, losing more than 6% year-to-date.