The shilling weakened against the dollar yesterday, nearing a three-week low, weighed down by a general strengthening of the US currency, said analysts. Commercial banks quoted the shilling at Sh81.20/40 to the dollar, compared with Wednesday's close of Sh80.65/75. "Right now, it's under pressure because the dollar has strengthened ... The trend is set to continue and Central Bank of Kenya (CBK) buying is also affecting the shilling," said Julius Kiriinya, a trader at Middle East Bank. While the CBK was out of the market yesterday, traders said previous purchases of the euro had put pressure on the shilling.
—Reuters
Source: The Standard | Online Edition
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