-- Kenya shilling weakened
slightly on Wednesday as the Supreme Court delivered its
full ruling on why it cancelled President Uhuru
Kenyatta’s win in Aug. 8 polls.
traded at an average of 103.3 against the U.S. dollar,
down from Tuesday’s position of 103.1.
Bank of Kenya (CBK) placed the value of the local
currency to the dollar at 103.28, down from 103.14 in
the previous session.
the shilling weakened against the dollar by 0.11 percent
to close at 103.14, from 103.03 on Monday.
On the other
hand, during Wednesday’s trading, commercial banks
quoted the value of the shilling against the dollar at a
weaker level of between 103.25 and 103.45 as traders
attributed the fall to political uncertainty in the east
Court ruling, which indicted the electoral commission
for flawed elections, had also unsettled the shilling,
British pound, the shilling traded at 139.62, a slight
gain from 139.89 in the previous trading session.
say Kenya has enough foreign exchange reserves to
cushion it from pressure from international currencies.
the reserves surpassed five months of import cover for
the first time since early August to stand at 7.5
Kenyan shilling loses
ground as apex bank retains key rate
By Bedah Mengo NAIROBI, (Xinhua)
-- The Kenyan shilling lost
ground against the U.S. dollar on Monday as the Central
Bank’s monetary policy committee (MPC) retained its key
The MPC sat
on Monday in a much-awaited meeting and retained the
apex bank’s rate at 10 percent, as in the previous
traded against the U.S. currency to cross past the 103
average as it lost gains from last week Friday session.
Bank of Kenya (CBK) quoted the value of the currency
against the dollar at 103.03 down from 102.84 on Friday.
banks, on the other hand, placed the value of the
shilling to the dollar at even a lower level of between
103.10 and 103.30.
British pound, the shilling traded at 139.97, a huge
decline from Friday’s close of 137.34.
shilling appreciated against the dollar by 0.1 percent
last week to close at 102.9 from 103.0 the previous week
due to depreciation of the dollar in the global markets.
view, the shilling should remain relatively stable to
the dollar in the short-term, supported by both the
weakening of the dollar in the global markets and the
Central Bank’s activity as they have sufficient forex
reserves, currently at 7.5 billion dollars,” said CBK.