Business

Kenyan shilling weakens due to importer demand for dollars

A teller counts Kenya shilling notes inside the cashier’s booth at a forex exchange bureau in Kenya’s capital Nairobi, April 20, 2016. southafricnews/Thomas Mukoya

NAIROBI (southafricnews) – Kenya’s shilling weakened on Tuesday due to increased dollar demand from oil and manufacturing companies, amid scant hard currency inflows, traders said.

At 1138 GMT, commercial banks quoted the shilling at 101.20/30 to the dollar, compared with Monday’s close of 101.05/15.

Reporting by George Obulutsa; Editing by Duncan Miriri

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