NAIROBI (Xinhua) --
The Kenya shilling lost more ground Wednesday,
albeit marginally, as increased U.S. dollar demand from
importers piled more pressure on the local unit.
weakened against the dollar by 0.06 percent to close at 103.43
down from 103.4 on Tuesday, data from the Central Bank showed
traders, however, quoted the Kenyan currency at 103.45 as the
fall was attributed to retail importers.
On Tuesday, the
shilling went down against the dollar by 0.05 percent as it also
weakened against the British Pound by 0.2 percent to close at
downward trend against the British Pound continued Wednesday
with the shilling going down by 1.72 percent to close at 131.66.
Compared to the dollar, the shilling has lost more ground
against the Pound.
Last week, the
shilling remained relatively stable against the dollar to close
the week at 103.4 as was recorded the previous week, on account
of increased currency inflows ahead of the Easter holiday.
The Central Bank,
however, has a stock of forex reserves, which stand at 7.9
billion dollars or 5.2 months of import cover that analysts
believe would be able to support the shilling in the short term.
Kenya shilling falls on high dollar
demand from retail importers