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Kenya's shilling weakened further against the dollar on Friday amid heavy demand for the US currency from the energy and telecoms sectors and a general
weakening of emerging market currencies

By close of trading window on Friday 4th September, commercial banks quoted the shilling at 105.60/70 per dollar, weaker than Thursday's close of 104.95/105.15.


The shilling has been edging closer to its all-time low of about 107 to the dollar, set in October 2011.


"We have a mismatch of supply and demand," said a trader at a Nairobi-based commercial bank. "Based on market fundamentals and market play, the shilling looks weaker."


The local currency could reach 107.50 in the short to medium term, "maybe in a month's time," the trader said.


The Kenyan currency, down 16 per cent this year, has come under pressure from a broad rally in the dollar, Kenya's high current account deficit and poor tourism inflows after attacks by Somalia's al Shabaab insurgents.


The shilling also remains vulnerable to further losses as emerging market currencies wobble.


Kenya's central bank has in the past few months periodically intervened in the market to support the currency by selling dollars. It also regularly mops up excess liquidity.


On the secondary market, government bonds valued at Sh166 million ($1.57 million) were traded, down from the Sh232 million worth of bonds traded a day ago.


Last modified on Tuesday, 16 February 2016
More in this category: « Foreign Exchange Rates

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