NAIROBI: Kenya’s shilling lost ground on Tuesday, undermined by persistent demand for dollars from the energy, telecommunications and manufacturing sectors, traders said.

At 0738 GMT, commercial banks quoted the shilling at 144.40/60 per dollar, compared with Monday’s closing rate of 144.30/50.

Earlier in the session, the shilling touched a record low of 144.55/75 before recouping some losses, Refinitiv data showed.

Kenyan shilling stable; to weaken due to increased importer demand

Technical analysis of its 14-day and 50-day simple moving averages shows the shilling is expected to weaken further in the near term.